TCW AAA CLO ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—99.5% of Net Assets
ASSET-BACKED SECURITIES—99.5%
AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 5.80% (3 mo. USD Term SOFR + 1.500%)(1),(2)		07/17/37	$	850,000	$	853,869
AIMCO CLO 22 Ltd. Series 2024-22A, Class A 5.79% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/19/37		250,000		252,257
Alinea CLO Ltd. Series 2018-1A, Class BR 0.00% (-3 mo. USD Term SOFR + 1.150%)(1),(2),(3)		07/20/31		2,000,000		1,999,980
AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 5.72% (3 mo. USD Term SOFR + 1.420%)(1),(2)		04/17/35		600,000		600,955
AMMC CLO 30 Ltd. Series 2024-30A, Class A1 5.98% (3 mo. USD Term SOFR + 1.680%)(1),(2)		01/15/37		825,000		831,724
Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 6.25% (3 mo. USD Term SOFR + 1.500%)(1),(2)		10/24/37		400,000		401,832
Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 5.80% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/26/37		500,000		504,272
Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 5.47% (3 mo. USD Term SOFR + 1.140%)(1),(2)		01/20/37		1,000,000		1,001,750
Aqueduct European CLO 10 DAC Series 2024-10A, Class B 1.00% (3 mo. EUR EURIBOR + 2.000%)(1),(2)		01/18/39		1,000,000		1,037,919
ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 6.05% (3 mo. USD Term SOFR + 1.750%)(1),(2)		10/15/36		180,000		181,440
ARES XLIV CLO Ltd. Series 2017-44A, Class A1R 5.64% (3 mo. USD Term SOFR + 1.342%)(1),(2)		04/15/34		100,000		100,095
ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 5.45% (3 mo. USD Term SOFR + 1.150%)(1),(2)		10/28/34		1,000,000		1,004,000
ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 5.62% (3 mo. USD Term SOFR + 1.320%)(1),(2)		04/17/33		1,100,000		1,102,405
Aurium CLO VIII DAC Series 8X, Class B1 4.34% (3 mo. EUR EURIBOR + 1.500%)(2),(4)		06/23/34		850,000		877,628
Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR 5.50% (3 mo. USD Term SOFR + 1.210%)(1),(2)		10/23/34		190,000		190,245
Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR 5.35% (3 mo. USD Term SOFR + 1.060%)(1),(2)		07/24/34		1,000,000		1,001,541
Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R 5.38% (3 mo. USD Term SOFR + 1.090%)(1),(2)		10/21/34		1,000,000		1,003,178
Barings CLO Ltd. Series 2019-3A, Class A1RR 5.49% (3 mo. USD Term SOFR + 1.140%)(1),(2)		01/20/36		1,000,000		1,001,389
Barings CLO Ltd. Series 2023-4A, Class A 6.04% (3 mo. USD Term SOFR + 1.750%)(1),(2)		01/20/37		250,000		252,340
Barings CLO Ltd. Series 2024-1A, Class A 5.92% (3 mo. USD Term SOFR + 1.630%)(1),(2)		01/20/37		250,000		252,352
Captree Park CLO Ltd. Series 2024-1A, Class B1 6.19% (3 mo. USD Term SOFR + 1.900%)(1),(2)		07/20/37		250,000		252,290
Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR 5.71% (3 mo. USD Term SOFR + 1.420%)(1),(2)		07/20/37		500,000		503,341
Cedar Funding VIII CLO Ltd. Series 2017-8A, Class ARR 0.00% (-3 mo. USD Term SOFR + 1.220%)(1),(2),(3)		01/17/38		2,000,000		2,001,500
Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR 5.68% (3 mo. USD Term SOFR + 1.380%)(1),(2)		10/15/37		850,000		856,273
CIFC Funding Ltd. Series 2016-1A, Class BR3 5.74% (3 mo. USD Term SOFR + 1.450%)(1),(2)		10/21/31		800,000		800,800
CIFC Funding Ltd. Series 2021-1A, Class A1R 5.72% (3 mo. USD Term SOFR + 1.420%)(1),(2)		07/25/37		830,000		835,853
CIFC Funding Ltd. Series 2024-1A, Class A 5.79% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/18/37		250,000		252,265
Clover CLO LLC Series 2021-3A, Class AR 5.37% (3 mo. USD Term SOFR + 1.070%)(1),(2)		01/25/35		1,000,000		999,300
Danby Park CLO Ltd. Series 2022-1A, Class AR 5.65% (3 mo. USD Term SOFR + 1.360%)(1),(2)		10/21/37		400,000		403,120
Dryden 108 CLO Ltd. Series 2022-108A, Class A2R 5.80% (3 mo. USD Term SOFR + 1.510%)(1),(2)		07/18/37		600,000		601,028
Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 5.36% (3 mo. USD Term SOFR + 1.070%)(1),(2)		04/20/34		1,000,000		1,003,712

TCW AAA CLO ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR 5.38% (3 mo. USD Term SOFR + 1.080%)(1),(2)		10/15/30	$	186,355	$	186,522
Dryden 68 CLO Ltd. Series 2019-68A, Class ARR 5.40% (3 mo. USD Term SOFR + 1.100%)(1),(2)		07/15/35		1,000,000		1,002,931
Dryden 72 CLO Ltd. Series 2019-72A, Class ARR 5.62% (3 mo. USD Term SOFR + 1.100%)(1),(2)		05/15/32		139,171		139,450
Dryden 94 CLO Ltd. Series 2022-94A, Class AR 5.66% (3 mo. USD Term SOFR + 1.360%)(1),(2)		10/15/37		400,000		402,936
Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR 5.75% (3 mo. USD Term SOFR + 1.340%)(1),(2)		10/20/37		850,000		857,609
Elmwood CLO III Ltd. Series 2019-3A, Class A2RR 5.89% (3 mo. USD Term SOFR + 1.600%)(1),(2)		07/18/37		850,000		851,535
Flatiron CLO 25 Ltd. Series 2024-2A, Class A 5.62% (3 mo. USD Term SOFR + 1.350%)(1),(2)		10/17/37		850,000		857,168
Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR 5.55% (3 mo. USD Term SOFR + 1.240%)(1),(2)		04/16/34		250,000		250,513
GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR 5.37% (3 mo. USD Term SOFR + 1.080%)(1),(2)		10/20/34		250,000		250,377
GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R 5.94% (3 mo. USD Term SOFR + 1.650%)(1),(2)		07/20/37		250,000		251,978
GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A 5.79% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/20/37		500,000		504,461
GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021- 9A, Class AR 5.79% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/20/37		550,000		555,186
Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A 6.25% (3 mo. USD Term SOFR + 1.950%)(1),(2)		04/25/36		400,000		401,354
Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B 6.41% (3 mo. USD Term SOFR + 1.670%)(1),(2)		10/25/37		750,000		753,485
Hartwick Park CLO Ltd. Series 2023-1A, Class AR 5.45% (3 mo. USD Term SOFR + 1.160%)(1),(2)		01/20/37		1,000,000		1,001,217
Henley CLO I DAC Series 1X, Class B1R 4.32% (3 mo. EUR EURIBOR + 1.650%)(2),(4)		07/25/34		850,000		880,753
Invesco U.S. CLO Ltd. Series 2023-1A, Class BR 6.34% (3 mo. USD Term SOFR + 2.050%)(1),(2)		04/22/37		250,000		252,828
Invesco U.S. CLO Ltd. Series 2024-4A, Class A1 5.65% (3 mo. USD Term SOFR + 1.330%)(1),(2)		01/15/38		1,000,000		1,006,250
LCM 37 Ltd. Series 37A, Class A1R 5.36% (3 mo. USD Term SOFR + 1.060%)(1),(2)		04/15/34		1,000,000		1,000,971
LCM 40 Ltd. Series 40A, Class A1R 5.67% (3 mo. USD Term SOFR + 1.370%)(1),(2)		01/15/38		1,000,000		1,007,750
Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R 5.79% (3 mo. USD Term SOFR + 1.500%)(1),(2)		04/18/37		395,000		398,783
Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1 5.81% (3 mo. USD Term SOFR + 1.510%)(1),(2)		04/25/37		850,000		857,309
Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR 5.38% (3 mo. USD Term SOFR + 1.080%)(1),(2)		07/15/34		1,000,000		1,001,033
Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R 1.00% (-3 mo. USD Term SOFR + 1.500%)(1),(2),(3)		04/20/38		2,250,000		2,250,000
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 5.83% (3 mo. USD Term SOFR + 1.530%)(1),(2)		04/15/37		850,000		856,052
Magnetite XIX Ltd. Series 2017-19A, Class B1RR 5.75% (3 mo. USD Term SOFR + 1.450%)(1),(2)		04/17/34		500,000		500,413
Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3 5.69% (3 mo. USD Term SOFR + 1.400%)(1),(2)		07/22/38		400,000		403,019
Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022- 52A, Class AR 5.65% (3 mo. USD Term SOFR + 1.350%)(1),(2)		10/24/38		850,000		857,642

TCW AAA CLO ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
OCP Aegis CLO Ltd. Series 2023-29A, Class BR 5.84% (3 mo. USD Term SOFR + 1.550%)(1),(2)		01/20/36	$	500,000	$	500,417
OCP CLO Ltd. Series 2014-7A, Class A1RR 5.67% (3 mo. USD Term SOFR + 1.382%)(1),(2)		07/20/29		16,656		16,680
OCP CLO Ltd. Series 2015-10A, Class AR3 5.63% (3 mo. USD Term SOFR + 1.310%)(1),(2)		01/26/38		1,000,000		1,007,500
OCP CLO Ltd. Series 2016-11A, Class B1R2 6.25% (3 mo. USD Term SOFR + 1.950%)(1),(2)		04/26/36		825,000		828,807
OCP CLO Ltd. Series 2021-22A, Class AR 5.64% (3 mo. USD Term SOFR + 1.350%)(1),(2)		10/20/37		850,000		857,097
OCP CLO Ltd. Series 2021-23A, Class AR 5.44% (3 mo. USD Term SOFR + 1.160%)(1),(2)		01/17/37		1,000,000		1,002,389
Octagon 61 Ltd. Series 2023-2A, Class A 6.14% (3 mo. USD Term SOFR + 1.850%)(1),(2)		04/20/36		539,672		541,772
Octagon 66 Ltd. Series 2022-1A, Class A1R 6.24% (3 mo. USD Term SOFR + 1.750%)(1),(2)		11/16/36		100,000		100,847
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2 5.71% (3 mo. USD Term SOFR + 1.420%)(1),(2)		07/18/37		850,000		855,777
Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR 0.00% (-3 mo. USD Term SOFR + 1.300%)(1),(2),(3)		01/20/35		2,000,000		2,005,960
OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R 6.29% (3 mo. USD Term SOFR + 2.000%)(1),(2)		04/20/37		250,000		250,881
OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2 5.58% (3 mo. USD Term SOFR + 1.290%)(1),(2)		01/22/38		1,000,000		1,008,347
OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR 5.64% (3 mo. USD Term SOFR + 1.350%)(1),(2)		10/18/37		400,000		403,108
Palmer Square CLO Ltd. Series 2024-2A, Class A1 5.69% (3 mo. USD Term SOFR + 1.400%)(1),(2)		07/20/37		500,000		504,505
Palmer Square CLO Ltd. Series 2024-4A, Class A2 5.83% (3 mo. USD Term SOFR + 1.500%)(1),(2)		01/15/38		1,000,000		1,002,881
Providus CLO III DAC Series 3X, Class B1R 4.39% (3 mo. EUR EURIBOR + 1.650%)(2),(4)		07/18/34		400,000		414,078
RAD CLO 21 Ltd. Series 2023-21A, Class A1R 0.00% (-3 mo. USD Term SOFR + 1.070%)(1),(2),(3)		01/25/37		2,000,000		2,001,500
RAD CLO 22 Ltd. Series 2023-22A, Class A1 6.12% (3 mo. USD Term SOFR + 1.830%)(1),(2)		01/20/37		400,000		403,376
RAD CLO 26 Ltd. Series 2024-26A, Class A 5.96% (3 mo. USD Term SOFR + 1.370%)(1),(2)		10/20/37		400,000		403,994
RAD CLO 27 Ltd. Series 2024-27A, Class A1 5.61% (3 mo. USD Term SOFR + 1.320%)(1),(2)		01/15/38		1,000,000		1,008,730
Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 5.83% (3 mo. USD Term SOFR + 1.530%)(1),(2)		04/26/37		250,000		251,586
Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR 5.38% (3 mo. USD Term SOFR + 1.090%)(1),(2)		01/20/36		1,600,000		1,602,078
Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R 4.89% (3 mo. EUR EURIBOR + 2.100%)(1),(2)		01/20/38		750,000		779,526
RR 27 Ltd. Series 2023-27A, Class A1B 6.25% (3 mo. USD Term SOFR + 1.950%)(1),(2)		10/15/35		500,000		504,857
Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 5.44% (3 mo. USD Term SOFR + 1.150%)(1),(2)		10/20/34		1,000,000		1,001,372
Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR 5.66% (3 mo. USD Term SOFR + 1.370%)(1),(2)		10/21/37		2,000,000		2,017,000
Symphony CLO 35 Ltd. Series 2022-35A, Class AR 6.00% (3 mo. USD Term SOFR + 1.700%)(1),(2)		10/24/36		400,000		402,750
Symphony CLO 43 Ltd. Series 2024-43A, Class A1 5.82% (3 mo. USD Term SOFR + 1.520%)(1),(2)		04/15/37		850,000		856,179
Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR 5.47% (3 mo. USD Term SOFR + 1.180%)(1),(2)		04/18/33		800,000		801,750

TCW AAA CLO ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Voya CLO Ltd. Series 2019-1A, Class A2RR 6.05% (3 mo. USD Term SOFR + 1.600%)(1),(2)		10/15/37	$	850,000	$	855,743
Total Asset-backed Securities (Cost: $66,606,680)						66,691,665
Total Fixed Income Securities (Cost: $66,606,680)						66,691,665
			Shares
MONEY MARKET INVESTMENTS—15.5%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(5)				341,933		341,933
TCW Central Cash Fund, 4.36%(5),(6)				10,080,000		10,080,000
Total Money Market Investments (Cost: $10,421,933)						10,421,933
Total Investments (115.0%) (Cost: $77,028,613)						77,113,598
Liabilities In Excess Of Other Assets (-15.0%)						(10,070,326	)
Net Assets (100.0%)					$	67,043,272

TCW AAA CLO ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY(7)
Goldman Sachs & Co.		EUR		3,854,000		04/11/25	$	3,959,239	$	4,019,263	$	(60,024	)

Notes to the Schedule of Investments:
CLO	Collateralized Loan Obligation.
SOFR	Secured Overnight Financing Rate.
EUR	Euro Currency.
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $64,519,206 or 96.2% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Trustees.
(2)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(3)	This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(4)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United
	States except under special exemptions. At January 31, 2025, the value of these securities amounted to $2,172,459 or 3.2% of net assets.
(5)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(6)	Affiliated issuer.
(7)	Fund buys foreign currency, sells U.S. Dollar.

TCW AAA CLO ETF
Schedule of Investments (Continued)

The summary of the TCW AAA CLO ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	12,080,000	$	2,000,000		10,080,000	$	10,080,000	$	7,058	$	—	$	—	$	—
Total									$	10,080,000	$	7,058	$	—	$	—	$	—

TCW AAA CLO ETF
Investments by Sector (Unaudited)	January 31, 2025

Sector	Percentage of Net Assets
Asset-Backed Securities		99.5	%
Money Market Investments		15.5
Other*		(15.0	)
Total		100.0	%

* Includes pending trades, interest receivable, fund share transactions and accrued expenses payable.

TCW AAA CLO ETF
Fair Valuation Summary (Unaudited)	January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	66,691,665		$	—	$	66,691,665
Total Fixed Income Securities		—		66,691,665			—		66,691,665
Money Market Investments		10,421,933		—			—		10,421,933
Total Investments	$	10,421,933	$	66,691,665		$	—	$	77,113,598
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	—	$	(60,024	)	$	—	$	(60,024	)
Total	$	—	$	(60,024	)	$	—	$	(60,024	)

TCW Corporate Bond ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—97.1% of Net Assets
ASSET-BACKED SECURITIES—0.6% (Cost: $34,838)
Skyline Aviation, Inc. Class A 3.23%(1)		07/03/38	$	34,838	$	31,810
COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.3%
Government National Mortgage Association Series 2009-111, Class IO (I/O) 0.19%(2)		09/16/51		484,766		15,131
Government National Mortgage Association Series 2012-144, Class IO (I/O) 0.33%(2)		01/16/53		130,632		1,291
						16,422
Total Commercial Mortgage-backed Securities—Agency (Cost: $20,136)						16,422
COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—0.0%
COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) 0.55%(1),(2)		09/10/47		44,160		—
GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) 0.43%(3),(2)		08/10/43		1,207,998		1,454
						1,454
Total Commercial Mortgage-backed Securities—Non-Agency (Cost: $56,058)						1,454
CORPORATE BONDS—80.5%
Aerospace & Defense—0.8%
BAE Systems Holdings, Inc. (United Kingdom) 3.85%(3)		12/15/25		20,000		19,864
Boeing Co. 5.81%		05/01/50		10,000		9,427
5.93%		05/01/60		12,000		11,209
Northrop Grumman Corp. 5.15%		05/01/40		5,000		4,764
						45,264
Agriculture—1.3%
Altria Group, Inc. 3.70%		02/04/51		5,000		3,416
BAT Capital Corp. (United Kingdom) 4.39%		08/15/37		35,000		30,320
Imperial Brands Finance PLC (United Kingdom) 4.25%(3)		07/21/25		35,000		34,883
						68,619
Airlines—1.2%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA 2.00%		12/10/29		18,273		17,088
JetBlue Pass-Through Trust Series 2019-1, Class AA 2.75%		11/15/33		11,525		10,031
JetBlue Pass-Through Trust Series 2020-1, Class A 4.00%		05/15/34		22,148		20,642
United Airlines Pass-Through Trust Series 2016-2, Class AA 2.88%		04/07/30		6,450		6,020
United Airlines Pass-Through Trust Series 2023-1, Class A 5.80%		07/15/37		9,553		9,638
						63,419
Banks—18.0%
Bank of America Corp.
1.66% (1 day USD SOFR + 0.910%)(4)		03/11/27		8,000		7,735
1.92% (1 day USD SOFR + 1.370%)(4)		10/24/31		20,000		16,819
2.09% (1 day USD SOFR + 1.060%)(4)		06/14/29		125,000		114,089
2.69% (1 day USD SOFR + 1.320%)(4)		04/22/32		55,000		47,735
Bank of New York Mellon Corp. 5.83% (1 Day USD SOFR Index + 2.074%)(4)		10/25/33		20,000		20,805
Citigroup, Inc.
1.46% (1 day USD SOFR + 0.770%)(4)		06/09/27		15,000		14,347
2.52% (SOFR + 1.177%)(4)		11/03/32		40,000		33,650
2.57% (1 day USD SOFR + 2.107%)(4)		06/03/31		50,000		43,900
2.98% (1 day USD SOFR + 1.422%)(4)		11/05/30		1,000		909
Goldman Sachs Group, Inc.
1.99% (1 day USD SOFR + 1.090%)(4)		01/27/32		25,000		20,851
2.60%		02/07/30		80,000		71,418
HSBC Holdings PLC (United Kingdom) 2.80% (1 day USD SOFR + 1.187%)(4)		05/24/32		60,000		51,514
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)(4)		02/04/27		5,000		4,821
1.05% (1 day USD SOFR + 0.800%)(4)		11/19/26		40,000		38,869
1.58% (1 day USD SOFR + 0.885%)(4)		04/22/27		5,000		4,815
2.07% (1 day USD SOFR + 1.015%)(4)		06/01/29		65,000		59,442
2.08% (1 day USD SOFR + 1.850%)(4)		04/22/26		30,000		29,827
3.90% (3 mo. USD Term SOFR + 1.482%)(4)		01/23/49		48,000		37,296
Lloyds Banking Group PLC (United Kingdom) 1.63% (1 yr. CMT + 0.850%)(4)		05/11/27		10,000		9,603
Morgan Stanley
1.59% (1 day USD SOFR + 0.879%)(4)		05/04/27		25,000		24,044
1.93% (1 day USD SOFR + 1.020%)(4)		04/28/32		25,000		20,625
2.19% (1 day USD SOFR + 1.990%)(4)		04/28/26		60,000		59,626
2.24% (1 day USD SOFR + 1.178%)(4)		07/21/32		65,000		54,349
3.77% (3 mo. USD Term SOFR + 1.402%)(4)		01/24/29		20,000		19,383
PNC Financial Services Group, Inc. 5.22% (1 day USD SOFR + 1.072%)(4)		01/29/31		15,000		15,104

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
6.88% (1 day USD SOFR + 2.284%)(4)		10/20/34	$	5,000	$	5,479
U.S. Bancorp
4.84% (1 day USD SOFR + 1.600%)(4)		02/01/34		15,000		14,395
5.85% (1 day USD SOFR + 2.090%)(4)		10/21/33		15,000		15,428
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)(4)		06/02/28		30,000		28,357
3.35% (1 day USD SOFR + 1.500%)(4)		03/02/33		80,000		70,613
5.24% (1 day USD SOFR + 1.110%)(4)		01/24/31		20,000		20,111
						975,959
Beverages—1.0%
Bacardi Ltd. 4.70%(3)		05/15/28		20,000		19,764
Coca-Cola Co. 4.65%		08/14/34		15,000		14,585
JDE Peet’s NV (Netherlands) 2.25%(3)		09/24/31		25,000		20,397
						54,746
Biotechnology—1.8%
Amgen, Inc.
4.40%		05/01/45		5,000		4,167
4.88%		03/01/53		10,000		8,639
5.65%		03/02/53		20,000		19,359
5.75%		03/02/63		10,000		9,652
Illumina, Inc. 2.55%		03/23/31		20,000		17,142
Royalty Pharma PLC 1.75%		09/02/27		45,000		41,620
						100,579
Chemicals—0.4%
International Flavors & Fragrances, Inc. 1.23%(3)		10/01/25		5,000		4,879
International Flavors & Fragrances, Inc. 5.00%		09/26/48		5,000		4,279
Solvay Finance America LLC (Belgium) 5.85%(3)		06/04/34		10,000		10,157
						19,315
Commercial Services—0.7%
Global Payments, Inc. 4.45%		06/01/28		30,000		29,513
RELX Capital, Inc. (United Kingdom) 4.00%		03/18/29		10,000		9,686
						39,199
Computers—0.3%
Apple, Inc. 2.65%		02/08/51		25,000		15,449
Diversified Financial Services—3.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.00%		10/29/28		15,000		13,974
3.30%		01/30/32		28,000		24,545
3.88%		01/23/28		4,000		3,891
Air Lease Corp. 3.63%		12/01/27		19,000		18,415
American Express Co. 6.49% (1 day USD SOFR + 1.940%)(4)		10/30/31		20,000		21,421
Avolon Holdings Funding Ltd. (Ireland)
2.53%(3)		11/18/27		3,000		2,793
2.75%(3)		02/21/28		10,000		9,316
4.38%(3)		05/01/26		10,000		9,920
Capital One Financial Corp. 3.27% (1 day USD SOFR + 1.790%)(4)		03/01/30		10,000		9,292
Discover Financial Services 6.70%		11/29/32		10,000		10,693
LSEGA Financing PLC (United Kingdom) 2.00%(3)		04/06/28		20,000		18,365
Mastercard, Inc. 4.55%		01/15/35		15,000		14,365
Raymond James Financial, Inc. 3.75%		04/01/51		10,000		7,208
						164,198
Electric—7.4%
AEP Transmission Co. LLC
2.75%		08/15/51		40,000		24,075
3.65%		04/01/50		5,000		3,620
Alabama Power Co. 5.50%		03/15/41		9,000		8,767
Alliant Energy Finance LLC 1.40%(3)		03/15/26		45,000		43,165
Appalachian Power Co. 4.45%		06/01/45		10,000		8,119
Arizona Public Service Co.
3.35%		05/15/50		15,000		10,096
6.35%		12/15/32		10,000		10,563
Baltimore Gas & Electric Co. 2.90%		06/15/50		33,000		20,479
Black Hills Corp. 4.35%		05/01/33		15,000		13,883
Commonwealth Edison Co. 6.45%		01/15/38		5,000		5,409
Consolidated Edison Co. of New York, Inc. 3.88%		06/15/47		10,000		7,614
Duke Energy Carolinas LLC
3.75%		06/01/45		70,000		53,810
3.88%		03/15/46		10,000		7,777
Evergy Kansas Central, Inc. 5.70%		03/15/53		10,000		9,826
FirstEnergy Transmission LLC 5.45%(3)		07/15/44		15,000		14,351
Florida Power & Light Co. 5.60%		06/15/54		15,000		14,814
Indianapolis Power & Light Co. 5.70%(3)		04/01/54		5,000		4,893
International Transmission Co. 4.63%		08/15/43		10,000		8,573
Interstate Power & Light Co. 2.30%		06/01/30		20,000		17,400
MidAmerican Energy Co. 5.85%		09/15/54		5,000		5,066
Narragansett Electric Co. 3.40%(3)		04/09/30		10,000		9,259
PacifiCorp 4.13%		01/15/49		40,000		30,600

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Electric (Continued)
Public Service Co. of New Mexico 3.85%		08/01/25	$	20,000	$	19,862
Tucson Electric Power Co. 3.25%		05/01/51		10,000		6,634
Virginia Electric & Power Co.
2.45%		12/15/50		12,000		6,694
3.80%		09/15/47		10,000		7,495
Xcel Energy, Inc. 4.80%		09/15/41		35,000		30,614
						403,458
Engineering & Construction—0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.63%(3)		04/28/26		5,000		4,927
Entertainment—0.6%
WarnerMedia Holdings, Inc.
5.05%		03/15/42		12,000		9,665
5.14%		03/15/52		30,000		22,392
						32,057
Environmental Control—0.4%
Waste Management, Inc. 4.95%		03/15/35		25,000		24,464
Food—1.2%
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 4.38%		02/02/52		12,000		9,052
Kraft Heinz Foods Co. 4.63%		10/01/39		10,000		8,852
Pilgrim’s Pride Corp. 3.50%		03/01/32		30,000		26,050
Smithfield Foods, Inc. 2.63%(3)		09/13/31		25,000		21,000
						64,954
Gas—0.9%
Boston Gas Co. 3.76%(3)		03/16/32		10,000		8,967
KeySpan Gas East Corp. 5.82%(3)		04/01/41		15,000		14,474
Southern Co. Gas Capital Corp.
4.40%		06/01/43		10,000		8,386
5.88%		03/15/41		15,000		15,098
						46,925
Health Care-Products—2.4%
Alcon Finance Corp. 2.60%(3)		05/27/30		30,000		26,625
Baxter International, Inc. 3.95%		04/01/30		10,000		9,515
Revvity, Inc. 2.55%		03/15/31		25,000		21,316
Smith & Nephew PLC (United Kingdom) 2.03%		10/14/30		30,000		25,379
STERIS Irish FinCo UnLtd Co. 2.70%		03/15/31		15,000		13,029
Stryker Corp. 4.70%		02/10/28		20,000		20,003
Thermo Fisher Scientific, Inc. 5.09%		08/10/33		15,000		14,955
						130,822
Health Care-Services—6.6%
Barnabas Health, Inc. 4.00%		07/01/28		5,000		4,784
Centene Corp. 3.00%		10/15/30		26,000		22,522
Children’s Hospital Medical Center 2.82%		11/15/50		20,000		12,499
Cigna Group 5.40%		03/15/33		20,000		20,045
CommonSpirit Health 2.78%		10/01/30		5,000		4,435
Elevance Health, Inc. 5.20%		02/15/35		25,000		24,510
HCA, Inc. 5.25%		06/15/49		15,000		13,115
Health Care Service Corp. A Mutual Legal Reserve Co. 5.45%(3)		06/15/34		20,000		19,968
Humana, Inc. 5.38%		04/15/31		25,000		24,956
IQVIA, Inc. 6.25%		02/01/29		10,000		10,365
Mass General Brigham, Inc. 3.34%		07/01/60		10,000		6,564
Roche Holdings, Inc.
4.59%(3)		09/09/34		15,000		14,424
5.59%(3)		11/13/33		15,000		15,536
Sharp HealthCare 2.68%		08/01/50		50,000		30,509
UnitedHealth Group, Inc.
3.70%		08/15/49		10,000		7,294
4.25%		04/15/47		15,000		12,177
5.15%		07/15/34		45,000		44,527
5.63%		07/15/54		10,000		9,722
Universal Health Services, Inc. 1.65%		09/01/26		40,000		38,019
West Virginia United Health System Obligated Group 3.13%		06/01/50		35,000		22,171
						358,142
Insurance—3.6%
Allstate Corp. 3.85%		08/10/49		20,000		14,863
Aon Corp./Aon Global Holdings PLC 3.90%		02/28/52		15,000		11,071
Arthur J Gallagher & Co.
3.05%		03/09/52		15,000		9,322
6.50%		02/15/34		10,000		10,733
Athene Global Funding
1.61%(3)		06/29/26		15,000		14,348
1.99%(3)		08/19/28		10,000		8,969
Farmers Insurance Exchange 4.75% (3 mo. USD LIBOR + 3.231%)(3),(4)		11/01/57		35,000		28,148
Guardian Life Insurance Co. of America 3.70%(3)		01/22/70		45,000		29,996
Metropolitan Life Global Funding I 3.30%(3)		03/21/29		10,000		9,418
MMI Capital Trust I 7.63%		12/15/27		25,000		26,331
New York Life Insurance Co. 3.75%(3)		05/15/50		15,000		10,925

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
Willis North America, Inc. 5.35%		05/15/33	$	20,000	$	19,901
						194,025
Internet—1.0%
Amazon.com, Inc. 3.10%		05/12/51		20,000		13,444
Meta Platforms, Inc.
4.75%		08/15/34		10,000		9,773
5.60%		05/15/53		15,000		14,978
Uber Technologies, Inc. 4.80%		09/15/34		15,000		14,380
						52,575
Lodging—0.4%
Choice Hotels International, Inc. 5.85%		08/01/34		10,000		9,969
Hyatt Hotels Corp. 5.50%		06/30/34		10,000		9,905
						19,874
Media—2.3%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%		02/01/32		5,000		3,966
3.90%		06/01/52		5,000		3,213
5.38%		05/01/47		37,000		30,396
Comcast Corp.
4.00%		11/01/49		20,000		15,063
4.40%		08/15/35		20,000		18,408
Cox Communications, Inc. 2.60%(3)		06/15/31		25,000		21,113
Fox Corp. 6.50%		10/13/33		15,000		15,838
Time Warner Cable LLC 5.50%		09/01/41		18,000		15,575
						123,572
Office/Business Equipment—0.4%
CDW LLC/CDW Finance Corp. 3.28%		12/01/28		25,000		23,422
Oil & Gas—0.5%
Aker BP ASA (Norway) 3.10%(3)		07/15/31		30,000		26,073
Packaging & Containers—2.1%
Amcor Finance USA, Inc. 5.63%		05/26/33		20,000		20,327
Amcor Flexibles North America, Inc. 2.63%		06/19/30		5,000		4,399
Berry Global, Inc. 1.57%		01/15/26		28,000		27,136
CCL Industries, Inc. (Canada) 3.05%(3)		06/01/30		25,000		22,572
Sealed Air Corp. 1.57%(3)		10/15/26		20,000		18,895
Smurfit Kappa Treasury ULC (Ireland) 5.44%(3)		04/03/34		10,000		9,993
Sonoco Products Co. 3.13%		05/01/30		10,000		9,035
						112,357
Pharmaceuticals—2.8%
AbbVie, Inc. 4.40%		11/06/42		20,000		17,430
Bayer U.S. Finance II LLC (Germany)
4.38%(3)		12/15/28		10,000		9,664
4.88%(3)		06/25/48		17,000		13,412
Bristol-Myers Squibb Co. 5.20%		02/22/34		35,000		35,026
CVS Health Corp.
5.05%		03/25/48		28,000		23,465
5.30%		06/01/33		28,000		27,245
Elanco Animal Health, Inc. 6.65%		08/28/28		5,000		5,149
Merck & Co., Inc. 5.00%		05/17/53		5,000		4,575
Pfizer Investment Enterprises Pte. Ltd. 4.75%		05/19/33		5,000		4,862
Zoetis, Inc. 5.60%		11/16/32		10,000		10,318
						151,146
Pipelines—2.7%
Energy Transfer LP
5.00%		05/15/50		15,000		12,716
6.13%		12/15/45		7,000		6,919
Kinder Morgan Energy Partners LP 6.95%		01/15/38		5,000		5,430
Kinder Morgan, Inc. 7.80%		08/01/31		5,000		5,657
NGPL PipeCo LLC
3.25%(3)		07/15/31		20,000		17,269
4.88%(3)		08/15/27		10,000		9,937
Pipeline Funding Co. LLC 7.50%(3)		01/15/30		23,907		25,178
Plains All American Pipeline LP/PAA Finance Corp. 4.50%		12/15/26		13,000		12,935
Sabine Pass Liquefaction LLC 4.20%		03/15/28		3,000		2,938
Southern Natural Gas Co. LLC 4.80%(3)		03/15/47		15,000		12,537
TransCanada PipeLines Ltd. 4.63%		03/01/34		25,000		23,362
Williams Cos., Inc. 3.50%		10/15/51		15,000		10,198
						145,076
REIT—7.1%
American Assets Trust LP 3.38%		02/01/31		30,000		26,216
American Homes 4 Rent LP 2.38%		07/15/31		15,000		12,665
American Tower Corp.
2.70%		04/15/31		21,000		18,234
5.55%		07/15/33		20,000		20,169
Americold Realty Operating Partnership LP 5.41%		09/12/34		10,000		9,635
Boston Properties LP
2.55%		04/01/32		10,000		8,125
3.40%		06/21/29		5,000		4,622
Crown Castle, Inc. 3.30%		07/01/30		50,000		45,557
CubeSmart LP 4.38%		02/15/29		5,000		4,876

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Digital Realty Trust LP 3.60%		07/01/29	$	5,000	$	4,736
DOC Dr. LLC 2.63%		11/01/31		10,000		8,503
Equinix, Inc. 2.50%		05/15/31		45,000		38,622
Essex Portfolio LP
2.65%		03/15/32		5,000		4,239
5.50%		04/01/34		15,000		15,046
Extra Space Storage LP 2.20%		10/15/30		15,000		12,863
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32		2,000		1,716
4.00%		01/15/30		20,000		18,729
Healthcare Realty Holdings LP 3.63%		01/15/28		30,000		28,648
Host Hotels & Resorts LP 3.50%		09/15/30		20,000		18,196
Hudson Pacific Properties LP 3.95%		11/01/27		10,000		9,155
Invitation Homes Operating Partnership LP 5.50%		08/15/33		5,000		4,983
LXP Industrial Trust
2.38%		10/01/31		5,000		4,111
2.70%		09/15/30		10,000		8,686
NNN REIT, Inc. 5.60%		10/15/33		15,000		15,116
Piedmont Operating Partnership LP 2.75%		04/01/32		30,000		23,850
VICI Properties LP 5.13%		05/15/32		10,000		9,731
Weyerhaeuser Co. 3.38%		03/09/33		10,000		8,728
						385,757
Retail—0.2%
Lowe’s Cos., Inc. 5.75%		07/01/53		10,000		9,787
McDonald’s Corp. 4.20%		04/01/50		5,000		3,971
						13,758
Semiconductors—1.2%
Broadcom, Inc. 2.60%(3)		02/15/33		35,000		28,868
Intel Corp.
3.25%		11/15/49		5,000		3,029
5.70%		02/10/53		15,000		13,371
Micron Technology, Inc. 2.70%		04/15/32		25,000		20,983
						66,251
Software—3.0%
AppLovin Corp. 5.50%		12/01/34		15,000		14,928
Atlassian Corp. 5.50%		05/15/34		20,000		20,164
Cadence Design Systems, Inc. 4.70%		09/10/34		20,000		19,181
Constellation Software, Inc. (Canada) 5.46%(3)		02/16/34		25,000		25,115
Fiserv, Inc. 2.65%		06/01/30		15,000		13,321
Open Text Corp. (Canada) 6.90%(3)		12/01/27		17,000		17,594
Oracle Corp.
3.60%		04/01/50		45,000		31,230
3.95%		03/25/51		12,000		8,834
Take-Two Interactive Software, Inc. 4.00%		04/14/32		15,000		13,897
						164,264
Telecommunications—3.9%
AT&T, Inc.
3.55%		09/15/55		10,000		6,716
3.80%		12/01/57		28,000		19,431
Cisco Systems, Inc. 5.05%		02/26/34		15,000		14,986
Sprint Capital Corp. 8.75%		03/15/32		15,000		17,936
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 5.15%(3)		09/20/29		61,750		62,004
T-Mobile USA, Inc. 2.55%		02/15/31		83,000		71,835
Vodafone Group PLC (United Kingdom) 4.25%		09/17/50		21,000		16,211
						209,119
Transportation—1.0%
Burlington Northern Santa Fe LLC
4.05%		06/15/48		15,000		11,972
5.50%		03/15/55		10,000		9,828
CSX Corp. 4.90%		03/15/55		20,000		17,934
Union Pacific Corp. 2.97%		09/16/62		25,000		14,458
						54,192
Water—0.2%
Essential Utilities, Inc. 5.30%		05/01/52		10,000		9,037
Total Corporate Bonds (Cost: $4,839,429)						4,362,994
MUNICIPAL BONDS—2.2%
Municipal Bonds—2.2%
City of Los Angeles Department of Airports, Revenue Bond 3.89%		05/15/38		15,000		13,082
County of Miami-Dade Aviation Revenue, Revenue Bond 3.50%		10/01/31		15,000		13,825
Empire State Development Corp., Revenue Bond
2.54%		03/15/34		5,000		4,148
2.54%		03/15/34		5,000		4,123
2.59%		03/15/35		20,000		16,243
Maryland Economic Development Corp., Revenue Bond 5.43%		05/31/56		10,000		9,609
Massachusetts School Building Authority, Revenue Bond 2.97%		10/15/32		10,000		8,795
New York City Transitional Finance Authority Future Tax Secured Revenue
1.97%		02/01/33		20,000		16,065
3.73%		08/01/29		5,000		4,813

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Municipal Bonds (Continued)
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond 3.05%		05/01/34	$	35,000	$	29,967
						120,670
Total Municipal Bonds (Cost: $139,205)						120,670
RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.1%
Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) 1.53% (-30 day USD SOFR Average + 5.886%)(4)		11/25/41		17,369		1,147
Federal National Mortgage Association REMICS Series 2012-128, Class UA 2.50%		06/25/42		6,926		5,790
Total Residential Mortgage-backed Securities—Agency (Cost: $15,798)						6,937
U.S. TREASURY SECURITIES—13.4%
U.S. Treasury Bonds 4.50%		11/15/54		283,000		269,646
U.S. Treasury Notes 4.13%		01/31/27		115,000		114,831
4.25%		12/31/26		122,000		122,091
4.25%		01/31/30		42,000		41,851
4.25%		11/15/34		169,000		165,105
4.38%		12/31/29		10,000		10,019
Total U.S. Treasury Securities (Cost: $733,533)						723,543
Total Fixed Income Securities (Cost: $5,838,997)						5,263,830
CONVERTIBLE SECURITIES—0.1%
CONVERTIBLE CORPORATE BONDS—0.1%
Commercial Services—0.1%
Worldline SA (France) 0.00%(5),(6)		07/30/26		5,000		5,034
Total Convertible Corporate Bonds (Cost: $5,197)						5,034
			Shares
MONEY MARKET INVESTMENTS—1.2%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(7)				27,462		27,462
TCW Central Cash Fund, 4.36%(7),(8)				34,009		34,009
Total Money Market Investments (Cost: $61,471)						61,471
Total Investments (98.4%) (Cost: $5,905,665)						5,330,335
Excess Of Other Assets Over Liabilities (1.6%)						87,618
Net Assets (100.0%)					$	5,417,953

TCW Corporate Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
12	2-Year U.S. Treasury Note Futures		03/31/25	$	2,466,367		$	2,467,500		$	1,133
1	5-Year U.S. Treasury Note Futures		03/31/25		106,752			106,391			(361	)
				$	2,573,119		$	2,573,891		$	772
Short Futures
1	10-Year U.S. Treasury Notes Futures		03/20/25	$	(112,821	)	$	(111,375	)	$	1,446

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL(9)
Citibank N.A.		EUR		4,700		04/11/25	$	4,817	$	4,902	$	(85	)

CENTRALLY CLEARED - INTEREST RATE SWAP AGREEMENTS

Notional  Amount

Expiration Date

Payment Made by Fund Frequency

Payment Made by Fund

Payment Received by Fund Frequency

Payment Received by Fund

Unrealized Appreciation (Depreciation)

Premium Paid

Value

42,000

12/20/53

Annual

3.520%

Annual

12-Month SOFR

$

3,505

$

—

$

3,505

Notes to the Schedule of Investments:
ABS	Asset-Backed Securities.
I/O	Interest Only Security.
REIT	Real Estate Investment Trust.
REMICS	Real Estate Mortgage Investment Conduits.
SOFR	Secured Overnight Financing Rate.
EUR	Euro Currency.
(1)	For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(2)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $771,409 or 14.2% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Trustees.
(4)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(5)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2025, the value of these securities amounted to $5,034 or 0.1% of net assets.
(6)	Security is not accruing interest.
(7)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(8)	Affiliated issuer.
(9)	Fund sells foreign currency, buys U.S. Dollar.

TCW Corporate Bond ETF
Schedule of Investments (Continued)

The summary of the TCW Corporate Bond ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	826,312	$	792,303		34,009	$	34,009	$	1,449	$	—	$	—	$	—
Total									$	34,009	$	1,449	$	—	$	—	$	—

TCW Corporate Bond ETF
Investments by Sector (Unaudited)	January 31, 2025

Sector	Percentage of Net Assets
Corporate Bonds		80.5	%
U.S. Treasury Securities		13.4
Municipal Bonds		2.2
Money Market Investments		1.2
Asset-Backed Securities		0.6
Commercial Mortgage-Backed Securities—Agency		0.3
Residential Mortgage-Backed Securities—Agency		0.1
Convertible Corporate Bonds		0.1
Commercial Mortgage-Backed Securities—Non-Agency		0.0	**
Other*		1.6
Total		100.0	%

* Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.

** Amount rounds to less than 0.1%.

TCW Corporate Bond ETF
Fair Valuation Summary (Unaudited)	January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Fixed Income Securities
Corporate Bonds*	$	—		$	4,362,994		$	—		$	4,362,994
U.S. Treasury Securities		723,543			—			—			723,543
Municipal Bonds		—			120,670			—			120,670
Asset-Backed Securities		—			—			31,810			31,810
Commercial Mortgage-Backed Securities—Agency		—			16,422			—			16,422
Residential Mortgage-Backed Securities—Agency		—			6,937			—			6,937
Commercial Mortgage-Backed Securities—Non-Agency		—			1,454			—	**		1,454
Total Fixed Income Securities		723,543			4,508,477			31,810			5,263,830
Money Market Investments		61,471			—			—			61,471
Convertible Corporate Bonds		—			5,034			—			5,034
Total Investments	$	785,014		$	4,513,511		$	31,810		$	5,330,335
Asset Derivatives
Swap Agreements
Interest Rate Risk		—			3,505			—			3,505
Futures Contracts
Interest Rate Risk		2,579						—			2,579
Total Investments	$	787,593		$	4,517,016		$	31,810		$	5,336,419
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(361	)	$	—		$	—		$	(361	)
Forward Currency Contracts
Foreign Currency Risk		—			(85	)		—			(85	)
Total	$	(361	)	$	(85	)	$	—		$	(446	)

* See Schedule of Investments for corresponding industries.

** Amount is less than $1.

TCW Flexible Income ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—104.5% of Net Assets
CORPORATE BONDS—16.3%
Aerospace & Defense—0.2%
BAE Systems Holdings, Inc. (United Kingdom) 3.85%(1)		12/15/25	$	250,000	$	248,300
Boeing Co.
5.81%		05/01/50		370,000		348,795
6.53%		05/01/34		175,000		185,061
General Electric Co.
5.20% (3 mo. USD Term SOFR + 0.642%)(2)		05/05/26		57,000		57,213
5.27% (3 mo. USD Term SOFR + 0.742%)(2)		08/15/36		52,000		49,164
						888,533
Agriculture—0.1%
BAT Capital Corp. (United Kingdom)
3.56%		08/15/27		44,000		42,690
5.65%		03/16/52		244,000		225,327
BAT International Finance PLC (United Kingdom) 1.67%		03/25/26		83,000		80,219
Imperial Brands Finance PLC (United Kingdom)
4.25%(1)		07/21/25		160,000		159,464
6.13%(1)		07/27/27		195,000		200,518
						708,218
Airlines—0.0%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA 2.00%		12/10/29		18,273		17,088
JetBlue Pass-Through Trust Series 2019-1, Class AA 2.75%		11/15/33		23,050		20,062
JetBlue Pass-Through Trust Series 2020-1, Class A 4.00%		05/15/34		55,369		51,605
						88,755
Auto Manufacturers—0.0%
Volkswagen Financial Services AG (Germany) 3.88%(3)		11/19/31		200,000		209,416
Banks—4.0%
Bank of America Corp.
1.32% (1 day USD SOFR + 1.150%)(2)		06/19/26		165,000		162,878
1.92% (1 day USD SOFR + 1.370%)(2)		10/24/31		385,000		323,758
2.55% (1 day USD SOFR + 1.050%)(2)		02/04/28		2,125,000		2,034,071
2.59% (1 day USD SOFR + 2.150%)(2)		04/29/31		270,000		239,320
2.97% (1 day USD SOFR + 1.330%)(2)		02/04/33		1,090,000		942,632
3.42% (3 mo. USD Term SOFR + 1.302%)(2)		12/20/28		685,000		657,764
4.38% (5 yr. CMT + 2.760%)(2),(4)		01/27/27		100,000		97,242
Citigroup, Inc.
2.52% (1 day USD SOFR + 1.177%)(2)		11/03/32		510,000		429,037
2.98% (1 day USD SOFR + 1.422%)(2)		11/05/30		145,000		131,761
3.52% (3 mo. USD Term SOFR + 1.413%)(2)		10/27/28		435,000		419,727
Goldman Sachs Group, Inc.
1.09% (1 day USD SOFR + 0.789%)(2)		12/09/26		2,910,000		2,820,663
1.54% (1 day USD SOFR + 0.818%)(2)		09/10/27		5,000		4,748
1.95% (1 day USD SOFR + 0.913%)(2)		10/21/27		325,000		309,527
3.81% (3 mo. USD Term SOFR + 1.420%)(2)		04/23/29		575,000		555,893
HSBC Holdings PLC (United Kingdom)
2.10% (1 day USD SOFR + 1.929%)(2)		06/04/26		1,060,000		1,050,312
2.36% (1 day USD SOFR + 1.947%)(2)		08/18/31		60,000		51,409
4.76% (1 day USD SOFR + 2.110%)(2)		06/09/28		45,000		44,802
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)(2)		02/04/27		375,000		361,582
1.05% (1 day USD SOFR + 0.800%)(2)		11/19/26		420,000		408,127
1.58% (1 day USD SOFR + 0.885%)(2)		04/22/27		700,000		674,128
2.07% (1 day USD SOFR + 1.015%)(2)		06/01/29		120,000		109,740
2.58% (3 mo. USD Term SOFR + 1.250%)(2)		04/22/32		760,000		658,008
3.65% (5 yr. CMT + 2.850%)(2),(4)		06/01/26		115,000		112,444
4.01% (3 mo. USD Term SOFR + 1.382%)(2)		04/23/29		255,000		248,505
4.32% (1 day USD SOFR + 1.560%)(2)		04/26/28		2,000,000		1,979,640
Morgan Stanley
0.99% (1 day USD SOFR + 0.720%)(2)		12/10/26		145,000		140,402
2.19% (1 day USD SOFR + 1.990%)(2)		04/28/26		2,000,000		1,987,540
2.24% (1 day USD SOFR + 1.178%)(2)		07/21/32		425,000		355,359
PNC Financial Services Group, Inc.
5.58% (1 day USD SOFR + 1.841%)(2)		06/12/29		1,370,000		1,399,208
6.88% (1 day USD SOFR + 2.284%)(2)		10/20/34		205,000		224,655
Santander U.K. Group Holdings PLC (United Kingdom) 1.67% (1 day USD SOFR + 0.989%)(2)		06/14/27		290,000		277,080
U.S. Bancorp
3.70% (5 yr. CMT + 2.541%)(2),(4)		01/15/27		105,000		99,913
4.84% (1 day USD SOFR + 1.600%)(2)		02/01/34		150,000		143,952
5.68% (1 day USD SOFR + 1.860%)(2)		01/23/35		150,000		151,824
5.85% (1 day USD SOFR + 2.090%)(2)		10/21/33		50,000		51,428
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)(2)		06/02/28		560,000		529,323

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
2.57% (3 mo. USD Term SOFR + 1.262%)(2)		02/11/31	$	2,385,000	$	2,115,829
3.35% (1 day USD SOFR + 1.500%)(2)		03/02/33		345,000		304,518
5.24% (1 day USD SOFR + 1.110%)(2)		01/24/31		770,000		774,258
5.57% (1 day USD SOFR + 1.740%)(2)		07/25/29		410,000		417,749
						23,800,756
Beverages—0.2%
Anheuser-Busch InBev SA (Belgium) 3.95%(3)		03/22/44		410,000		432,795
JDE Peet’s NV (Netherlands) 2.25%(1)		09/24/31		750,000		611,902
Pernod Ricard SA (France) 3.63%(3)		05/07/34		200,000		210,094
						1,254,791
Biotechnology—0.0%
Amgen, Inc. 3.15%		02/21/40		100,000		74,782
Building Materials—0.1%
Quikrete Holdings, Inc. 6.38%(1),(5)		03/01/32		710,000		713,451
Chemicals—0.2%
International Flavors & Fragrances, Inc.
1.83%(1)		10/15/27		405,000		372,989
2.30%(1)		11/01/30		505,000		430,704
3.27%(1)		11/15/40		55,000		39,645
3.47%(1)		12/01/50		45,000		29,412
4.38%		06/01/47		115,000		90,006
SK Invictus Intermediate II SARL (Luxembourg) 5.00%(1)		10/30/29		250,000		237,175
						1,199,931
Commercial Services—0.5%
Adtalem Global Education, Inc. 5.50%(1)		03/01/28		992,000		977,973
Hertz Corp. 4.63%(1)		12/01/26		50,000		44,469
Raven Acquisition Holdings LLC 6.88%(1)		11/15/31		425,000		425,527
Upbound Group, Inc. 6.38%(1)		02/15/29		300,000		294,324
Valvoline, Inc. 3.63%(1)		06/15/31		450,000		391,194
VT Topco, Inc. 8.50%(1)		08/15/30		560,000		594,250
						2,727,737
Computers—0.1%
NCR Voyix Corp. 5.00%(1)		10/01/28		550,000		530,431
Diversified Financial Services—0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26		123,000		118,099
3.88%		01/23/28		5,000		4,864
4.45%		10/01/25		110,000		109,877
Air Lease Corp. 2.88%		01/15/26		380,000		373,635
Avolon Holdings Funding Ltd. (Ireland) 2.53%(1)		11/18/27		583,000		542,697
Charles Schwab Corp. 5.00% (5 yr. CMT + 3.256%)(2),(4)		06/01/27		200,000		196,562
GGAM Finance Ltd. (Ireland)
8.00%(1)		02/15/27		115,000		118,836
8.00%(1)		06/15/28		520,000		548,787
Jane Street Group/JSG Finance, Inc.
4.50%(1)		11/15/29		90,000		84,976
6.13%(1)		11/01/32		300,000		298,566
7.13%(1)		04/30/31		180,000		186,145
						2,583,044
Electric—0.8%
Alliant Energy Finance LLC
1.40%(1)		03/15/26		245,000		235,009
3.60%(1)		03/01/32		655,000		584,961
Amprion GmbH (Germany) 4.00%(3)		05/21/44		100,000		105,438
Arizona Public Service Co. 6.35%		12/15/32		135,000		142,606
Duke Energy Carolinas LLC
4.00%		09/30/42		250,000		203,750
5.35%		01/15/53		195,000		184,293
Duke Energy Corp.
3.75%		04/01/31		400,000		422,089
3.85%		06/15/34		200,000		208,495
Elia Group SA (Belgium) 3.88%(3)		06/11/31		100,000		105,068
Elia Transmission Belgium SA 3.75%(3)		01/16/36		100,000		105,081
Eurogrid GmbH (Germany) 1.11%(3)		05/15/32		200,000		177,904
FirstEnergy Transmission LLC 2.87%(1)		09/15/28		418,000		389,994
MVM Energetika Zrt (Hungary) 6.50%(3)		03/13/31		400,000		404,392
National Grid Electricity Transmission PLC (United Kingdom) 0.82%(3)		07/07/32		325,000		281,565
Pike Corp. 8.63%(1)		01/31/31		400,000		427,188
Public Service Co. of New Mexico 3.85%		08/01/25		40,000		39,723
TenneT Holding BV (Netherlands)
2.75%(3)		05/17/42		115,000		105,522
4.50%(3)		10/28/34		100,000		112,793
Tucson Electric Power Co. 5.50%		04/15/53		305,000		291,241
						4,527,112
Electrical Components & Equipment—0.1%
Energizer Holdings, Inc. 4.38%(1)		03/31/29		925,000		865,911
Engineering & Construction—0.0%
Artera Services LLC 8.50%(1)		02/15/31		240,000		237,233
Entertainment—0.7%
Banijay Entertainment SAS (France) 8.13%(1)		05/01/29		350,000		363,776
Everi Holdings, Inc. 5.00%(1)		07/15/29		350,000		351,596
Flutter Treasury DAC (Ireland) 5.00%(1)		04/29/29		100,000		107,923
Live Nation Entertainment, Inc. 5.63%(1)		03/15/26		355,000		355,465

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Entertainment (Continued)
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. 6.63%(1),(5)		02/01/33	$	350,000	$	349,303
WarnerMedia Holdings, Inc.
4.28%		03/15/32		1,520,000		1,343,574
5.05%		03/15/42		260,000		209,409
5.14%		03/15/52		1,400,000		1,044,974
						4,126,020
Environmental Control—0.2%
Waste Pro USA, Inc. 7.00%(1)		02/01/33		1,080,000		1,092,344
Food—0.5%
ELO SACA (France) 6.00%(3)		03/22/29		600,000		547,349
H-Food Holdings LLC/Hearthside Finance Co., Inc. 8.50%(1),(6)		06/01/26		932,000		29,097
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
3.75%		12/01/31		385,000		345,079
6.50%		12/01/52		437,000		445,937
6.75%		03/15/34		172,000		183,206
Mondelez International, Inc. 2.38%		03/06/35		235,000		220,824
Pilgrim’s Pride Corp. 4.25%		04/15/31		1,430,000		1,328,842
Smithfield Foods, Inc. 5.20%(1)		04/01/29		5,000		4,918
						3,105,252
Gas—0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%		08/20/26		250,000		248,470
9.38%(1)		06/01/28		250,000		248,423
CenterPoint Energy Resources Corp. 5.40%		03/01/33		765,000		768,511
KeySpan Gas East Corp. 5.99%(1)		03/06/33		385,000		391,533
National Gas Transmission PLC (United Kingdom) 4.25%(3)		04/05/30		200,000		215,580
						1,872,517
Health Care-Products—0.4%
Bausch & Lomb Corp. 8.38%(1)		10/01/28		95,000		99,592
Medtronic Global Holdings SCA 3.38%		10/15/34		185,000		193,625
Sartorius Finance BV (Germany) 4.50%(3)		09/14/32		100,000		110,802
Sotera Health Holdings LLC 7.38%(1)		06/01/31		180,000		183,469
Stryker Corp. 4.70%		02/10/28		1,465,000		1,465,220
						2,052,708
Health Care-Services—0.6%
Centene Corp. 3.00%		10/15/30		1,323,000		1,146,022
Elevance Health, Inc. 5.20%		02/15/35		185,000		181,370
HAH Group Holding Co. LLC 9.75%(1)		10/01/31		190,000		191,376
HCA, Inc.
5.38%		09/01/26		10,000		10,048
5.63%		09/01/28		275,000		279,334
Kedrion SpA (Italy) 6.50%(1)		09/01/29		615,000		586,852
Lonza Finance International NV (Switzerland) 3.88%(3)		04/24/36		100,000		106,983
ModivCare, Inc. 5.00%(1)		10/01/29		709,000		485,665
Prime Healthcare Services, Inc. 9.38%(1)		09/01/29		415,000		395,873
						3,383,523
Household Products/Wares—0.2%
Central Garden & Pet Co. 4.13%		10/15/30		375,000		341,254
Spectrum Brands, Inc. 3.88%(1)		03/15/31		695,000		599,479
						940,733
Insurance—0.2%
Acrisure LLC/Acrisure Finance, Inc.
4.25%(1)		02/15/29		175,000		165,779
6.00%(1)		08/01/29		200,000		193,024
Athene Global Funding
1.99%(1)		08/19/28		15,000		13,454
2.72%(1)		01/07/29		95,000		86,549
3.21%(1)		03/08/27		130,000		124,581
Farmers Exchange Capital II 6.15% (3 mo. USD Term SOFR + 4.006%)(1),(2)		11/01/53		150,000		142,623
Farmers Exchange Capital III 5.45% (3 mo. USD LIBOR + 3.454%)(1),(2)		10/15/54		85,000		76,256
Farmers Insurance Exchange
4.75% (3 mo. USD LIBOR + 3.231%)(1),(2)		11/01/57		135,000		108,571
7.00% (10 yr. CMT + 3.864%)(1),(2)		10/15/64		265,000		269,908
Metropolitan Life Global Funding I 2.95%(1)		04/09/30		15,000		13,613
						1,194,358
Internet—0.2%
Gen Digital, Inc. 6.75%(1)		09/30/27		328,000		333,848
Netflix, Inc. 5.88%		02/15/25		310,000		310,130
Uber Technologies, Inc. 4.30%		01/15/30		700,000		680,414
						1,324,392
Investment Companies—0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%		06/15/30		430,000		424,345
9.75%		01/15/29		285,000		292,604
10.00%(1)		11/15/29		368,000		376,004
						1,092,953
Machinery-Diversified—0.1%
OT Merger Corp. 7.88%(1)		10/15/29		1,350,000		585,603
Media—0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%		04/01/31		140,000		118,804
3.70%		04/01/51		530,000		333,476
3.90%		06/01/52		360,000		231,343
4.80%		03/01/50		250,000		187,810
5.38%		05/01/47		141,000		115,833
6.65%		02/01/34		246,000		253,309

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Media (Continued)
CSC Holdings LLC
4.63%(1)		12/01/30	$	300,000	$	164,907
6.50%(1)		02/01/29		77,000		65,845
11.25%(1)		05/15/28		420,000		416,728
11.75%(1)		01/31/29		460,000		458,270
Sirius XM Radio LLC 3.88%(1)		09/01/31		430,000		370,703
Time Warner Cable LLC 5.50%		09/01/41		510,000		441,298
VZ Secured Financing BV (Netherlands) 5.00%(1)		01/15/32		1,400,000		1,251,922
						4,410,248
Metal Fabricate & Hardware—0.1%
Advanced Drainage Systems, Inc. 6.38%(1)		06/15/30		335,000		338,538
Mining—0.1%
Corp. Nacional del Cobre de Chile (Chile)
5.13%(3)		02/02/33		200,000		189,862
5.95%(3)		01/08/34		200,000		198,912
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT 5.45%(3)		05/15/30		200,000		200,690
						589,464
Oil & Gas—0.2%
Ecopetrol SA (Colombia) 8.88%		01/13/33		250,000		257,722
KazMunayGas National Co. JSC 3.50%(1)		04/14/33		400,000		332,364
Pertamina Persero PT (Indonesia) 3.10%(1)		08/27/30		600,000		540,552
Petroleos Mexicanos 6.35%		02/12/48		5,000		3,312
Sunoco LP 7.25%(1)		05/01/32		175,000		182,908
						1,316,858
Oil & Gas Services—0.1%
USA Compression Partners LP/USA Compression Finance Corp. 7.13%(1)		03/15/29		525,000		537,910
Packaging & Containers—0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%(1)		08/15/26		382,000		337,065
5.25%(1)		08/15/27		510,000		283,805
5.25%(1)		08/15/27		305,000		167,820
Berry Global, Inc.
1.65%		01/15/27		40,000		37,629
5.50%		04/15/28		255,000		257,851
5.65%(1)		01/15/34		150,000		151,645
Clearwater Paper Corp. 4.75%(1)		08/15/28		600,000		569,700
Graphic Packaging International LLC 6.38%(1)		07/15/32		200,000		202,044
						2,007,559
Pharmaceuticals—0.9%
1375209 BC Ltd. (Canada) 9.00%(1)		01/30/28		995,000		997,438
Bayer U.S. Finance II LLC (Germany)
4.25%(1)		12/15/25		255,000		253,495
4.38%(1)		12/15/28		210,000		202,940
4.40%(1)		07/15/44		245,000		184,380
4.88%(1)		06/25/48		80,000		63,114
6.50%(1)		11/21/33		500,000		515,135
Bayer U.S. Finance LLC (Germany) 6.88%(1)		11/21/53		345,000		351,966
CVS Health Corp.
4.78%		03/25/38		75,000		65,918
5.05%		03/25/48		330,000		276,550
5.30%		06/01/33		212,000		206,284
6.75% (5 yr. CMT + 2.516%)(2)		12/10/54		1,165,000		1,152,826
Grifols SA (Spain) 7.50%(3)		05/01/30		827,000		897,489
						5,167,535
Pipelines—0.7%
Energy Transfer LP 6.63% (3 mo. USD LIBOR + 4.155%)(2),(4)		02/15/28		733,000		725,311
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29		430,000		436,093
8.25%(1)		01/15/32		250,000		261,287
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.38%(1)		02/15/32		275,000		283,176
NGPL PipeCo LLC 4.88%(1)		08/15/27		40,000		39,747
Pipeline Funding Co. LLC 7.50%(1)		01/15/30		139,458		146,870
Southern Natural Gas Co. LLC 4.80%(1)		03/15/47		65,000		54,327
TMS Issuer SARL 5.78%(3)		08/23/32		400,000		409,788
TransMontaigne Partners LP/TLP Finance Corp. 6.13%		02/15/26		725,000		721,607
Venture Global Calcasieu Pass LLC 4.13%(1)		08/15/31		580,000		524,645
Venture Global LNG, Inc.
7.00%(1)		01/15/30		150,000		153,447
9.88%(1)		02/01/32		229,000		252,289
						4,008,587
Real Estate—0.1%
Add Hero Holdings Ltd. (Hong Kong)
9.00%(7),(8)		09/30/30		25,994		893
9.80%(7),(9)		09/30/31		34,051		1,016
Blackstone Property Partners Europe Holdings SARL (Luxembourg) 1.00%(3)		05/04/28		195,000		187,370
China Aoyuan Group Ltd.
0.00%(4),(7),(10)		12/31/99		49,185		597
5.50%(7),(11)		09/30/31		19,044		389
Greystar Real Estate Partners LLC 7.75%(1)		09/01/30		350,000		371,004
Vonovia SE (Germany)
0.75%(3)		09/01/32		100,000		84,497
1.00%(3)		06/16/33		100,000		83,462
						729,228
REIT—1.1%
American Assets Trust LP 3.38%		02/01/31		500,000		436,935
American Homes 4 Rent LP 3.38%		07/15/51		675,000		443,839
American Tower Corp. (REIT) 2.10%		06/15/30		550,000		472,494

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Boston Properties LP (REIT) 2.75%		10/01/26	$	10,000	$	9,654
Digital Dutch Finco BV 1.25%(3)		02/01/31		220,000		200,425
Digital Intrepid Holding BV 0.63%(3)		07/15/31		100,000		86,317
Extra Space Storage LP
2.35%		03/15/32		150,000		123,159
2.40%		10/15/31		71,000		59,407
GLP Capital LP/GLP Financing II, Inc.
4.00%		01/15/30		147,000		137,661
4.00%		01/15/31		73,000		67,177
5.38%		04/15/26		1,040,000		1,042,132
5.75%		06/01/28		10,000		10,131
Healthcare Realty Holdings LP
3.10%		02/15/30		35,000		31,477
3.63%		01/15/28		150,000		143,238
Healthpeak OP LLC (REIT) 3.40%		02/01/25		2,000		2,000
Hudson Pacific Properties LP
3.25%		01/15/30		525,000		382,415
3.95%		11/01/27		448,000		410,131
5.95%		02/15/28		15,000		13,606
Iron Mountain, Inc. (REIT) 6.25%(1)		01/15/33		335,000		336,112
LXP Industrial Trust 2.70%		09/15/30		160,000		138,973
Prologis Euro Finance LLC (REIT) 4.63%		05/23/33		100,000		112,256
Realty Income Corp. 5.13%		07/06/34		285,000		327,102
VICI Properties LP 5.63%		05/15/52		50,000		46,254
VICI Properties LP/VICI Note Co., Inc.
3.88%(1)		02/15/29		30,000		28,377
4.63%(1)		06/15/25		1,260,000		1,257,833
5.75%(1)		02/01/27		65,000		65,648
WP Carey, Inc. (REIT) 4.25%		07/23/32		100,000		107,217
						6,491,970
Retail—0.7%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC 5.13%(1)		04/15/29		743,000		680,179
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%(1)		04/01/26		460,000		458,947
5.88%(1)		04/01/29		769,000		727,005
FirstCash, Inc. 6.88%(1)		03/01/32		195,000		198,030
Lithia Motors, Inc. 3.88%(1)		06/01/29		200,000		185,798
Michaels Cos., Inc.
5.25%(1)		05/01/28		237,000		184,507
7.88%(1)		05/01/29		360,000		227,448
Papa John’s International, Inc. 3.88%(1)		09/15/29		370,000		336,386
Raising Cane’s Restaurants LLC 9.38%(1)		05/01/29		320,000		342,854
Saks Global Enterprises LLC 11.00%(1)		12/15/29		700,000		671,909
						4,013,063
Semiconductors—0.0%
Intel Corp. 5.70%		02/10/53		130,000		115,878
Software—0.4%
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 8.75%(1)		05/01/29		290,000		299,727
Open Text Corp. (Canada) 6.90%(1)		12/01/27		760,000		786,562
Oracle Corp. 4.80%		08/03/28		880,000		881,073
RingCentral, Inc. 8.50%(1)		08/15/30		161,000		171,064
						2,138,426
Telecommunications—0.5%
Altice Financing SA (Luxembourg) 5.75%(1)		08/15/29		295,000		230,610
Consolidated Communications, Inc. 6.50%(1)		10/01/28		175,000		171,259
EchoStar Corp. 10.75%		11/30/29		500,000		539,170
Frontier Communications Holdings LLC
5.88%(1)		10/15/27		155,000		155,203
8.63%(1)		03/15/31		546,000		583,849
Global Switch Finance BV (United Kingdom) 1.38%(3)		10/07/30		725,000		706,936
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 5.15%(1)		09/20/29		437,450		439,252
						2,826,279
Water—0.1%
Holding d’Infrastructures des Metiers de l’Environnement (France) 4.88%(3)		10/24/29		200,000		212,680
Suez SACA (France) 2.88%(3)		05/24/34		200,000		195,496
						408,176
Total Corporate Bonds (Cost: $98,412,299)						96,280,223
MUNICIPAL BONDS—0.2%
City of Los Angeles Department of Airports, Revenue Bond 3.89%		05/15/38		100,000		87,215
City of New York, General Obligation Unlimited 3.62%		04/01/31		155,000		145,015
County of Miami-Dade Aviation Revenue, Revenue Bond 2.61%		10/01/32		100,000		85,169
Empire State Development Corp., Revenue Bond
2.00%		03/15/33		100,000		80,131
2.54%		03/15/34		40,000		33,180
2.54%		03/15/34		135,000		111,316
Maricopa County Industrial Development Authority, Revenue Bond 7.38%(1)		10/01/29		450,000		458,371
New York City Transitional Finance Authority Future Tax Secured Revenue 1.85%		08/01/32		75,000		60,317
State of Ohio, Revenue Bond 2.89%		01/01/32		100,000		88,073
Total Municipal Bonds (Cost: $1,272,155)						1,148,787
FOREIGN GOVERNMENT BONDS—1.0%
Brazil Government International Bonds
6.00%		10/20/33		600,000		575,490
6.13%		03/15/34		400,000		383,572
Colombia Government International Bonds 8.00%		04/20/33		400,000		411,548

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
Costa Rica Government International Bonds 6.55%(3)		04/03/34	$	400,000	$	410,880
Finance Department Government of Sharjah 6.50%(1)		11/23/32		200,000		205,760
Guatemala Government Bonds
3.70%(3)		10/07/33		200,000		163,640
5.25%(3)		08/10/29		300,000		290,070
Mexico Government International Bonds
2.66%		05/24/31		400,000		328,992
4.88%		05/19/33		475,000		428,246
6.35%		02/09/35		300,000		294,858
Panama Government International Bonds
2.25%		09/29/32		200,000		143,592
3.16%		01/23/30		200,000		170,720
6.40%		02/14/35		400,000		370,812
Paraguay Government International Bonds 4.95%(3)		04/28/31		400,000		386,120
Perusahaan Penerbit SBSN Indonesia III 2.80%(3)		06/23/30		200,000		179,148
Republic of South Africa Government International Bonds
5.88%		06/22/30		450,000		434,664
5.88%		04/20/32		400,000		378,084
Romania Government International Bonds
3.63%(3)		03/27/32		300,000		246,954
6.63%(1)		02/17/28		200,000		203,500
Total Foreign Government Bonds (Cost: $6,081,080)						6,006,650
ASSET-BACKED SECURITIES—17.3%
522 Funding CLO Ltd. Series 2020-6A, Class CR2 6.24% (3 mo. USD Term SOFR + 1.950%)(1),(2)		10/23/34		1,100,000		1,104,840
Adagio IV CLO Ltd. Series IV-X, Class B1RR 4.44% (3 mo. EUR EURIBOR + 1.650%)(2),(3)		04/15/34		975,000		1,008,337
AGL CLO 13 Ltd. Series 2021-13A, Class B 6.20% (3 mo. USD Term SOFR + 1.912%)(1),(2)		10/20/34		600,000		601,652
AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB 0.00%(1),(12),(10)		04/20/34		700,000		473,897
Alinea CLO Ltd. Series 2018-1A, Class DR 0.00% (-3 mo. USD Term SOFR + 2.250%)(1),(2)		07/20/31		750,000		750,158
Allegro CLO XVI Ltd. Series 2024-1A, Class C 7.00% (3 mo. USD Term SOFR + 2.700%)(1),(2)		04/25/37		1,000,000		1,011,885
ALLO Issuer LLC Series 2023-1A, Class C 12.18%(1)		06/20/53		469,000		508,408
ALLO Issuer LLC Series 2024-1A, Class C 11.19%(1)		07/20/54		1,402,000		1,521,801
AMMC CLO 24 Ltd. Series 2021-24A, Class BR 5.89% (3 mo. USD Term SOFR + 1.600%)(1),(2)		01/20/35		700,000		700,774
AMMC CLO 31 Ltd. Series 2025-31A, Class E 0.00% (-3 mo. USD Term SOFR + 5.450%)(1),(2)		02/20/38		1,000,000		1,015,900
AMSR Trust Series 2020-SFR3, Class H 6.50%(1)		09/17/37		1,775,000		1,770,732
AMSR Trust Series 2021-SFR3, Class G 3.80%(1)		10/17/38		600,000		563,890
Aqueduct European CLO 9 DAC Series 2025-9A, Class B 0.00% (3 mo. EUR EURIBOR + 1.750%)(1),(2),(5)		04/15/38		1,775,000		1,842,306
Arbour CLO VI DAC Series 6A, Class BR 5.07% (3 mo. EUR EURIBOR + 1.900%)(1),(2)		11/15/37		1,500,000		1,557,345
Arbour CLO VII DAC Series 7A, Class BR 5.00% (3 mo. EUR EURIBOR + 2.050%)(1),(2)		12/15/38		1,350,000		1,407,633
Aurium CLO XIII DAC Series 13A, Class B 0.00% (3 mo. EUR EURIBOR + 1.700%)(1),(2),(5)		04/15/38		1,775,000		1,842,306
Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR 6.19% (3 mo. USD Term SOFR + 1.900%)(1),(2)		07/24/34		1,200,000		1,208,203
Bardot CLO Ltd. Series 2019-2A, Class DRR 0.00% (-3 mo. USD Term SOFR + 2.500%)(1),(2)		10/22/32		1,200,000		1,205,206
BCRED CLO LLC Series 2023-1A, Class A 6.59% (3 mo. USD Term SOFR + 2.300%)(1),(2)		01/20/36		1,200,000		1,212,127
BMO SBA COOF Trust Series 2019-1, Class A (I/O) 1.55%(1),(12)		10/25/45		2,120,351		73,552
Capital Street Master Trust Series 2024-1, Class A 5.75% (30 day USD SOFR Average + 1.350%)(1),(2)		10/16/28		1,100,000		1,101,038
Carvana Auto Receivables Trust Series 2020-P1, Class R 0.00%(1),(13)		09/08/27		1,300		103,400
Carvana Auto Receivables Trust Series 2021-N3, Class R 0.00%(1),(13)		06/12/28		1,500		94,005
Carvana Auto Receivables Trust Series 2022-P2, Class R 0.00%(1),(13)		05/10/29		3,050		396,273
Carvana Auto Receivables Trust Series 2023-N3, Class R 0.00%(1),(13)		09/10/30		2,200		554,694
Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) 0.00%(1),(10)		09/10/30		20,102,862		297,422
Carvana Auto Receivables Trust Series 2023-P1, Class R 0.00%(1),(13)		03/11/30		3,100		326,167
Carvana Auto Receivables Trust Series 2023-P2, Class R 0.00%(1),(13)		06/10/30		2,000		320,875
Carvana Auto Receivables Trust Series 2023-P3, Class R 0.00%(1),(13)		08/12/30		2,000		303,476
CIFC Funding Ltd. Series 2017-4A, Class A2R 6.11% (3 mo. USD Term SOFR + 1.812%)(1),(2)		10/24/30		575,000		576,509
CIFC Funding Ltd. Series 2018-1A, Class SUB 0.00%(1),(10)		01/18/38		575,000		258,606
CIFC Funding Ltd. Series 2022-2A, Class INCB 0.00%(1),(10)		04/19/35		475,000		324,140
CLI Funding VIII LLC Series 2022-1A, Class B 3.12%(1)		01/18/47		247,984		220,420
Cloud Capital Holdco LP Series 2024-1A, Class A2 5.78%(1)		11/22/49		1,860,000		1,875,965
CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) 2.01%(1),(12)		10/15/52		107,557		1,020

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
CoreVest American Finance Trust Series 2021-1, Class XB (I/O) 1.49%(1),(12)		04/15/53	$	4,459,000	$	219,684
CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 4.54% (3 mo. EUR EURIBOR + 1.700%)(2),(3)		09/22/34		1,200,000		1,245,853
CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 4.76%(1)		03/22/49		1,700,000		1,635,964
Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR 6.25% (3 mo. USD Term SOFR + 1.950%)(1),(2)		10/15/30		1,300,000		1,301,981
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR 5.46% (3 mo. USD Term SOFR + 1.162%)(1),(2)		04/15/29		22,893		22,933
FirstKey Homes Trust Series 2020-SFR1, Class F2 4.28%(1)		08/17/37		1,688,000		1,673,347
FirstKey Homes Trust Series 2021-SFR3, Class E1 2.99%(1)		12/17/38		944,000		888,999
FirstKey Homes Trust Series 2022-SFR1, Class D 5.20%(1)		05/19/39		1,600,000		1,588,696
FRTKL Group, Inc. Series 2021-SFR1, Class F 3.17%(1)		09/17/38		1,779,000		1,676,575
GLS Auto Receivables Issuer Trust Series 2023-2A, Class D 6.31%(1)		03/15/29		1,110,000		1,127,444
GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D 9.29% (3 mo. USD Term SOFR + 5.000%)(1),(2)		07/20/36		850,000		866,020
Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R 7.05% (3 mo. USD Term SOFR + 2.750%)(1),(2)		01/20/36		800,000		810,198
Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 7.77% (3 mo. USD Term SOFR + 3.250%)(1),(2)		11/09/36		1,200,000		1,215,793
Hertz Vehicle Financing III LP Series 2021-2A, Class C 2.52%(1)		12/27/27		950,000		899,661
HOA Funding LLC Series 2021-1A, Class A2 4.72%(1)		08/20/51		814,278		399,000
HPS Loan Management Ltd. Series 2023-18A, Class D 10.04% (3 mo. USD Term SOFR + 5.750%)(1),(2)		07/20/36		850,000		869,785
HPS Loan Management Ltd. Series 2024-19A, Class C2 7.20% (-3 mo. USD Term SOFR + 2.900%)(1),(2)		04/15/37		1,000,000		1,012,587
Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB 0.00%(1),(12),(10)		01/15/38		1,400,000		1,174,740
Invesco U.S. CLO Ltd. Series 2024-4A, Class Y 0.00%(1),(12),(10)		01/15/38		1,400,000		—
JG Wentworth XLII LLC Series 2018-2A, Class B 4.70%(1)		10/15/77		150,343		132,650
JG Wentworth XXXIX LLC Series 2017-2A, Class B 5.09%(1)		09/17/74		282,362		251,320
JGWPT XXX LLC Series 2013-3A, Class A 4.08%(1)		01/17/73		33,367		31,086
JGWPT XXXII LLC Series 2014-2A, Class A 3.61%(1)		01/17/73		33,310		29,606
Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A 2.64%(1)		10/15/46		943,774		864,380
Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A 5.70% (3 mo. USD LIBOR + 1.150%)(1),(2)		04/19/33		932,038		934,182
Magnetite XLII Ltd. Series 2024-42A, Class SUB 0.00%(1),(12),(10)		01/25/38		1,000,000		898,052
Navient Student Loan Trust Series 2018-4A, Class B 5.77% (30 day USD SOFR Average + 1.414%)(1),(2)		06/27/67		850,000		809,432
Navigator Aviation Ltd. Series 2024-1, Class A 5.40%(1)		08/15/49		1,280,714		1,262,865
NCFA LLC – Loan Participation 1
7.04%(7)		06/12/28		1,560,000		1,560,000
7.39%(7)		12/19/27		1,550,000		1,550,000
Nelnet Student Loan Trust Series 2007-1, Class B2 5.96%(12)		08/25/37		835,000		748,498
Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class AR 5.60% (3 mo. USD Term SOFR + 1.302%)(1),(2)		04/15/34		1,200,000		1,203,577
Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021- 40A, Class SUB 0.00%(1),(12),(10)		04/16/33		275,000		151,133
OCP Aegis CLO Ltd. Series 2023-29A, Class D2R 8.14% (3 mo. USD Term SOFR + 3.850%)(1),(2)		01/20/36		1,100,000		1,101,439
OCP CLO Ltd. Series 2023-28A, Class D 9.66% (3 mo. USD Term SOFR + 5.350%)(1),(2)		07/16/36		900,000		919,100
Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR 6.26% (3 mo. USD Term SOFR + 1.962%)(1),(2)		10/15/34		700,000		701,400
Palmer Square CLO Ltd. Series 2015-1A, Class BR5 6.19% (3 mo. USD Term SOFR + 1.900%)(1),(2)		05/21/34		1,300,000		1,301,002
Palmer Square CLO Ltd. Series 2021-1A, Class SUB 0.00%(1),(12),(10)		04/20/34		625,000		311,066
Palmer Square European Loan Funding DAC Series 2024- 3A, Class B 4.54% (-3 mo. EUR EURIBOR + 1.850%)(1),(2)		05/15/34		1,400,000		1,457,008
PHEAA Student Loan Trust Series 2014-3A, Class A 5.06% (30 day USD SOFR Average + 0.704%)(1),(2)		08/25/40		15,467		15,383
Progress Residential Trust Series 2021-SFR1, Class H 5.00%(1)		04/17/38		1,400,000		1,397,449
Progress Residential Trust Series 2021-SFR10, Class F 4.61%(1)		12/17/40		1,213,829		1,150,543
Progress Residential Trust Series 2021-SFR11, Class F 4.42%(1)		01/17/39		1,250,000		1,187,545

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Progress Residential Trust Series 2021-SFR2, Class H 5.00%(1)		04/19/38	$	819,000	$	815,661
Progress Residential Trust Series 2021-SFR3, Class G 4.25%(1)		05/17/26		1,211,000		1,193,740
Progress Residential Trust Series 2021-SFR4, Class F 3.41%(1)		05/17/38		1,530,000		1,465,659
Progress Residential Trust Series 2021-SFR6, Class G 4.00%(1)		07/17/38		1,250,000		1,203,594
Progress Residential Trust Series 2021-SFR8, Class G 4.01%(1)		10/17/38		1,488,000		1,443,076
Progress Residential Trust Series 2021-SFR9, Class E1 2.81%(1)		11/17/40		1,531,000		1,391,488
Progress Residential Trust Series 2024-SFR5, Class E2 3.63%(1),(12)		08/09/29		2,050,000		1,814,011
Rockford Tower CLO Ltd. Series 2017-2A, Class AR 5.58% (3 mo. USD Term SOFR + 1.282%)(1),(2)		10/15/29		11,136		11,158
Rockford Tower CLO Ltd. Series 2017-3A, Class A 5.74% (3 mo. USD Term SOFR + 1.452%)(1),(2)		10/20/30		255,606		256,255
Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 6.17% (3 mo. USD Term SOFR + 1.650%)(1),(2)		08/20/32		2,000,000		2,002,000
Rockford Tower CLO Ltd. Series 2021-3A, Class D2R 8.69% (3 mo. USD Term SOFR + 4.250%)(1),(2)		01/15/38		1,200,000		1,228,369
Rockford Tower CLO Ltd. Series 2023-1A, Class D 9.61% (3 mo. USD Term SOFR + 5.320%)(1),(2)		01/20/36		850,000		872,169
Sabey Data Center Issuer LLC Series 2021-1, Class A2 1.88%(1)		06/20/46		1,325,000		1,265,071
Sabey Data Center Issuer LLC Series 2023-1, Class A2 6.25%(1)		04/20/48		175,000		176,800
Santander Consumer Auto Receivables Trust Series 2020- BA, Class R 0.00%(1),(13)		08/15/28		2,000		568,610
Santander Consumer Auto Receivables Trust Series 2021- CA, Class R 0.00%(1),(13)		06/15/28		5,150		520,157
Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C 5.83%(1)		06/20/41		728,771		731,006
Skyline Aviation, Inc. Class A 3.23%(7)		07/03/38		425,794		388,786
Slam Ltd. Series 2024-1A, Class A 5.34%(1)		09/15/49		2,123,951		2,092,976
SLM Student Loan Trust Series 2004-1, Class B 5.32% (90 day USD SOFR Average + 0.762%)(2)		07/25/39		106,943		101,936
SLM Student Loan Trust Series 2008-5, Class A4 6.52% (90 day USD SOFR Average + 1.962%)(2)		07/25/23		30,787		30,833
SLM Student Loan Trust Series 2008-7, Class A4 5.72% (90 day USD SOFR Average + 1.162%)(2)		07/25/23		7,095		7,074
SLM Student Loan Trust Series 2008-7, Class B 6.67% (90 day USD SOFR Average + 2.112%)(2)		07/26/83		10,000		10,321
Stratus CLO Ltd. Series 2021-3A, Class SUB 0.00%(1),(12),(10)		12/29/29		975,000		22,620
Switch ABS Issuer LLC Series 2024-1A, Class B 6.50%(1)		03/25/54		400,000		404,068
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%(1)		05/25/46		721,875		721,856
Taco Bell Funding LLC Series 2021-1A, Class A2I 1.95%(1)		08/25/51		953,025		896,220
Textainer Marine Containers VII Ltd. Series 2021-1A, Class B 2.52%(1)		02/20/46		526,888		478,131
Tricon Residential Trust Series 2021-SFR1, Class F 3.69%(1)		07/17/38		900,000		861,658
Tricon Residential Trust Series 2024-SFR4, Class D 5.35%(1)		11/17/41		1,480,000		1,443,698
Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 6.17%(1)		05/28/39		1,550,000		1,966,060
Vault DI Issuer LLC Series 2021-1A, Class A2 2.80%(1)		07/15/46		1,700,000		1,629,724
VCAT LLC Series 2025-NPL1, Class A1 5.88%(1)		01/25/55		2,200,000		2,210,978
Vista Point Securitization Trust Series 2024-CES2, Class A3 5.91%(1)		10/25/54		700,000		695,613
Vista Point Securitization Trust Series 2024-CES2, Class B1 7.50%(1),(12)		10/25/54		1,000,000		998,464
Wendy’s Funding LLC Series 2019-1A, Class A2I 3.78%(1)		06/15/49		1,753,140		1,720,299
Wingstop Funding LLC Series 2020-1A, Class A2 2.84%(1)		12/05/50		1,477,500		1,382,325
Ziply Fiber Issuer LLC Series 2024-1A, Class B 7.81%(1)		04/20/54		825,000		856,596
Total Asset-backed Securities (Cost: $103,172,650)						102,611,998
COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.3%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O) 5.05%(12)		01/25/42		25,359		—
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K044, Class X3 (I/O) 1.44%(12)		01/25/43		3,024,040		30
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O) 0.54%(12)		07/25/25		11,800,336		17,494
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) 1.55%(12)		10/25/43		2,925,000		20,453
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O) 0.29%(12)		08/25/25		19,648,893		26,127
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O) 2.12%(12)		06/25/44		6,243,936		170,351
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O) 2.08%(12)		01/25/45		2,999,971		108,066
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O) 1.32%(12)		01/25/30		9,215,963		503,466

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) 2.21%(12)		05/25/46	$	4,850,000	$	37,547
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) 2.15%(12)		05/25/47		3,160,000		83,736
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O) 2.02%(12)		09/25/47		2,495,000		68,490
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) 1.21%(12)		06/25/27		601,422		11,106
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O) 4.08%(12)		01/25/31		181,209		17,059
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O) 1.66%(12)		05/25/25		2,091,787		7,514
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) 1.81%(12)		05/25/27		3,556,796		108,887
Federal National Mortgage Association, Pool #462209 6.90% (1 yr. CMT + 2.176%)(2)		04/01/36		42,692		42,417
Federal National Mortgage Association-ACES Series 2016- M11, Class X2 (ACES) (I/O) 3.06%(12)		07/25/39		232,210		4,317
Federal National Mortgage Association-Aces Series 2016- M2, Class X3 (I/O) 2.04%(12)		04/25/36		60,931		1
Federal National Mortgage Association-Aces Series 2016- M4, Class X2 (I/O) 2.70%(12)		01/25/39		428,680		2,257
Government National Mortgage Association Series 2009- 111, Class IO (I/O) 0.19%(12)		09/16/51		861,806		26,900
Government National Mortgage Association Series 2010- 159, Class D 4.56%(12)		09/16/44		82,827		82,189
Government National Mortgage Association Series 2011- 119, Class IO (I/O) 0.15%(12)		08/16/51		1,070,349		1,340
Government National Mortgage Association Series 2011-86, Class C 3.64%(12)		09/16/51		178,540		170,610
Government National Mortgage Association Series 2012- 123, Class IO (I/O) 0.61%(12)		12/16/51		1,403,890		22,904
Government National Mortgage Association Series 2012- 135, Class IO (I/O) 0.34%(12)		01/16/53		248,225		2,794
Government National Mortgage Association Series 2013-33, Class IO (I/O) 0.19%(12)		04/16/54		319,449		789
Government National Mortgage Association Series 2014- 126, Class IO (I/O) 0.71%(12)		02/16/55		4,504,778		132,604
Total Commercial Mortgage-Backed Securities—Agency (Cost: $3,271,852)						1,669,448
COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—10.8%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90%(1)		08/10/35		1,275,000		1,259,603
1211 Avenue of the Americas Trust Series 2015-1211, Class C 4.14%(1),(12)		08/10/35		1,080,000		1,040,451
245 Park Avenue Trust Series 2017-245P, Class E 3.66%(1),(12)		06/05/37		1,000,000		923,727
280 Park Avenue Mortgage Trust Series 2017-280P, Class E 6.72% (1 mo. USD Term SOFR + 2.419%)(1),(2)		09/15/34		700,000		673,623
Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XA (I/O) 0.73%(12)		09/15/48		5,416,634		9,117
Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XE (I/O) 1.25%(1),(12)		09/15/48		500,000		3,349
Bank Series 2020-BN25, Class C 3.35%(12)		01/15/63		1,815,000		1,544,599
Benchmark Mortgage Trust Series 2020-B18, Class AGNF 4.14%(1)		07/15/53		529,000		508,432
Benchmark Mortgage Trust Series 2024-V10, Class C 5.68%(1),(12)		09/15/57		1,338,000		1,323,400
Blackstone Industrial Portfolio 6.77%(7)		04/09/25		192,182		191,375
BX Commercial Mortgage Trust Series 2020-VIV2, Class C 3.54%(1),(12)		03/09/44		1,100,000		990,726
BX Commercial Mortgage Trust Series 2021-VINO, Class D 5.77% (1 mo. USD Term SOFR + 1.467%)(1),(2)		05/15/38		840,000		839,373
BX Trust Series 2021-ARIA, Class G 7.56% (1 mo. USD Term SOFR + 3.257%)(1),(2)		10/15/36		1,500,000		1,479,871
BX Trust Series 2022-FOX2, Class E 7.27% (1 mo. USD Term SOFR + 2.959%)(1),(2)		04/15/39		910,328		909,422
BX Trust Series 2022-LBA6, Class D 6.31% (1 mo. USD Term SOFR + 2.000%)(1),(2)		01/15/39		1,240,000		1,241,278
BX Trust Series 2024-BIO, Class C 6.95% (1 mo. USD Term SOFR + 2.640%)(1),(2)		02/15/41		927,000		917,751
BX Trust Series 2024-BIO, Class D 7.95% (1 mo. USD Term SOFR + 3.639%)(1),(2)		02/15/41		530,000		521,846
BXHPP Trust Series 2021-FILM, Class E 6.42% (1 mo. USD Term SOFR + 2.114%)(1),(2)		08/15/36		1,200,000		1,098,330
BXP Trust Series 2017-GM, Class D 3.42%(1),(12)		06/13/39		1,000,000		939,142
BXP Trust Series 2017-GM, Class E 3.42%(1),(12)		06/13/39		750,000		694,569
BXSC Commercial Mortgage Trust Series 2022-WSS, Class B 6.40% (1 mo. USD Term SOFR + 2.092%)(1),(2)		03/15/35		1,809,000		1,813,061

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B 5.85% (1 mo. USD Term SOFR + 1.547%)(1),(2)		12/15/37	$	1,050,000	$	1,050,713
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E 6.75% (1 mo. USD Term SOFR + 2.447%)(1),(2)		12/15/37		1,040,000		1,041,091
CD Mortgage Trust Series 2016-CD1, Class XA (I/O) 1.35%(12)		08/10/49		8,593,515		91,118
Century Plaza Towers Series 2019-CPT, Class F 3.00%(1),(12)		11/13/39		450,000		331,297
CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) 0.81%(1),(12)		08/15/50		11,628,000		205,663
Citigroup Commercial Mortgage Trust Series 2013-375P, Class B 3.52%(1),(12)		05/10/35		700,000		689,806
Citigroup Commercial Mortgage Trust Series 2013-375P, Class D 3.52%(1),(12)		05/10/35		915,000		888,713
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) 1.20%(12)		02/10/49		5,273,468		37,586
Citigroup Commercial Mortgage Trust Series 2020-555, Class A 2.65%(1)		12/10/41		1,450,000		1,263,032
COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) 1.14%(12)		10/15/45		160,043		2,063
COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) 0.39%(1),(12)		12/10/44		1,343,279		13
COMM Mortgage Trust Series 2013-CR8, Class F 4.00%(1),(12)		06/10/46		770,000		751,151
COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) 0.72%(1),(12)		08/10/47		1,200,000		4,350
COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) 0.67%(12)		06/10/47		169,681		2
COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) 0.55%(7),(12)		09/10/47		2,274,503		23
COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) 0.71%(12)		03/10/48		5,218,758		52
COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) 0.78%(12)		08/10/48		7,319,069		9,043
COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) 1.06%(1),(12)		07/10/48		10,015,000		38,533
COMM Mortgage Trust Series 2016-787S, Class D 3.83%(1),(12)		02/10/36		950,000		900,990
COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) 0.63%(12)		02/10/49		12,155,213		35,081
Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) 1.57%(1),(12)		06/20/31		12,648		66
CONE Trust Series 2024-DFW1, Class B 6.60% (1 mo. USD Term SOFR + 2.291%)(1),(2)		08/15/41		1,267,000		1,269,804
CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) 0.63%(12)		06/15/57		8,982,702		7,160
CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) 1.54%(12)		06/15/52		550,152		29,780
DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) 1.36%(12)		05/10/49		8,457,591		69,499
DBSG Mortgage Trust Series 2024-ALTA, Class D 7.06%(1),(12)		06/10/37		500,000		505,202
DOLP Trust Series 2021-NYC, Class A 2.96%(1)		05/10/41		1,458,000		1,266,453
DOLP Trust Series 2021-NYC, Class E 3.70%(1),(12)		05/10/41		600,000		458,685
Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A 3.55%(1),(12)		09/10/35		1,114,500		1,095,184
Extended Stay America Trust Series 2021-ESH, Class F 8.12% (1 mo. USD Term SOFR + 3.814%)(1),(2)		07/15/38		525,869		529,507
Fontainebleau Miami Beach Mortgage Trust Series 2024- FBLU, Class E 7.46% (1 mo. USD Term SOFR + 3.150%)(1),(2)		12/15/39		1,250,000		1,264,618
FS Commercial Mortgage Trust Series 2023-4SZN, Class E 10.42%(1),(12)		11/10/39		1,000,000		1,058,049
GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) 0.43%(1),(12)		08/10/43		5,083,134		6,117
GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) 4.74%(1),(12)		08/10/44		425,121		254
GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O) 0.68%(12)		07/10/48		29,382,897		22,372
GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) 1.21%(12)		10/10/48		4,971,088		17,928
GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) 0.75%(12)		11/10/48		8,890,461		28,241
GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) 1.72%(12)		05/10/49		244,520		3,002
GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) 0.56%(12)		11/10/49		14,331,546		101,803
GSCG Trust Series 2019-600C, Class G 3.99%(1),(12)		09/06/34		285,000		3,003
GWT Trust Series 2024-WLF2, Class B 6.45% (1 mo. USD Term SOFR + 2.141%)(1),(2)		05/15/41		522,000		525,751
Hudson Yards Mortgage Trust Series 2019-30HY, Class D 3.44%(1),(12)		07/10/39		800,000		718,782
Hudson Yards Mortgage Trust Series 2025-SPRL, Class E 6.68%(1),(12)		01/13/40		1,000,000		1,014,129
Hudson Yards Mortgage Trust Series 2025-SPRL, Class F 7.40%(1),(12)		01/13/40		1,550,000		1,575,635
JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XA (I/O) 0.41%(12)		07/15/48		20,443,598		10,719
JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XNR (I/O) 0.25%(1),(12)		07/15/48		38,124,357		36,729
JPMBB Commercial Mortgage Securities Trust Series 2015- C31, Class XA (I/O) 0.81%(12)		08/15/48		5,576,000		9,237
JPMCC Commercial Mortgage Securities Trust Series 2017- JP5, Class XA (I/O) 0.77%(12)		03/15/50		3,736,190		50,250

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3 3.76%		03/10/52	$	500,000	$	480,298
JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O) 1.47%(12)		06/15/49		235,895		2,732
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) 0.48%(1),(12)		06/15/45		50,324,158		220,279
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11, Class XA (I/O) 1.20%(12)		04/15/46		111,549		507
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-MFP, Class D 6.01% (1 mo. USD Term SOFR + 1.707%)(1),(2)		07/15/36		996,110		990,919
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) 0.25%(1),(12)		12/05/38		2,010,000		8,483
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) 1.88%(1),(12)		01/16/37		450,000		23
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) 0.57%(1),(12)		01/16/37		1,450,000		4,415
Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F 6.66% (3 mo. EUR EURIBOR + 3.650%)(1),(2)		08/17/33		490,928		495,445
Last Mile Securities PE DAC Series 2021-1X, Class E 6.51% (3 mo. EUR EURIBOR + 3.500%)(2),(3)		08/17/31		1,199,753		1,244,757
MHC Trust Series 2021-MHC2, Class E 6.37% (1 mo. USD Term SOFR + 2.064%)(1),(2)		05/15/38		808,000		807,495
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) 0.12%(1),(12)		08/15/45		22,663,135		227
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) 1.09%(1),(12)		10/15/46		15,985,117		256,972
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) 0.69%(12)		03/15/48		1,072,560		11
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) 0.95%(12)		04/15/48		783,113		8
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) 0.67%(12)		05/15/48		6,354,464		6,695
Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) 0.47%(1),(12)		06/15/44		10,507,886		37,730
Natixis Commercial Mortgage Securities Trust Series 2018- ALXA, Class E 4.32%(1),(12)		01/15/43		100,000		81,967
NRTH Mortgage Trust Series 2024-PARK, Class A 5.95% (1 mo. USD Term SOFR + 1.641%)(1),(2)		03/15/39		701,000		704,400
NXPT Commercial Mortgage Trust Series 2024-STOR, Class E 6.70%(1),(12)		11/05/41		811,000		821,804
NYC Commercial Mortgage Trust Series 2021-909, Class D 3.21%(1),(12)		04/10/43		700,000		449,932
NYO Commercial Mortgage Trust Series 2021-1290, Class C 6.42% (1 mo. USD Term SOFR + 2.109%)(1),(2)		11/15/38		820,000		807,525
NYO Commercial Mortgage Trust Series 2021-1290, Class D 6.97% (1 mo. USD Term SOFR + 2.659%)(1),(2)		11/15/38		965,000		945,971
ROCK Trust Series 2024-CNTR, Class E 8.82%(1)		11/13/41		1,370,000		1,450,468
Roseville Ltd. 7.57%(7)		03/29/25		495,000		505,147
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A 3.66%(1),(12)		01/05/43		400,000		340,762
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B 4.14%(1),(12)		01/05/43		460,000		402,643
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C 4.39%(1),(12)		01/05/43		925,000		774,389
SFO Commercial Mortgage Trust Series 2021-555, Class A 5.57% (1 mo. USD Term SOFR + 1.264%)(1),(2)		05/15/38		1,040,000		1,036,080
SMRT Commercial Mortgage Trust Series 2022-MINI, Class D 6.26% (1 mo. USD Term SOFR + 1.950%)(1),(2)		01/15/39		1,400,000		1,382,459
SMRT Commercial Mortgage Trust Series 2022-MINI, Class F 7.66% (1 mo. USD Term SOFR + 3.350%)(1),(2)		01/15/39		1,000,000		952,616
SREIT Trust Series 2021-MFP2, Class C 5.79% (1 mo. USD Term SOFR + 1.485%)(1),(2)		11/15/36		1,060,000		1,058,722
STWD Trust Series 2021-FLWR, Class F 7.09% (1 mo. USD Term SOFR + 2.787%)(1),(2)		07/15/36		550,000		550,511
Taurus U.K. DAC Series 2021-UK1A, Class D 7.33% (1 day GBP SONIA + 2.600%)(1),(2)		05/17/31		1,464,245		1,815,234
U.K. Logistics DAC Series 2024-2A, Class D 7.82% (1 day GBP SONIA + 3.100%)(1),(2)		02/17/35		825,000		1,031,816
UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) 1.09%(12)		10/15/50		7,957,815		180,908
VASA Trust Series 2021-VASA, Class D 6.52% (1 mo. USD Term SOFR + 2.214%)(1),(2)		07/15/39		1,250,000		1,088,055
VNDO Trust Series 2016-350P, Class D 3.90%(1),(12)		01/10/35		1,060,000		1,014,314

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
WB Commercial Mortgage Trust Series 2024-HQ, Class B 6.63%(1),(12)		03/15/40	$	1,049,000	$	1,058,278
Wells Fargo Commercial Mortgage Trust Series 2015-C27, Class XA (I/O) 0.66%(12)		02/15/48		6,628,761		66
Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) 0.94%(12)		11/15/48		16,137,647		46,869
Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) 1.88%(1),(12)		04/15/50		415,000		11,377
Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) 0.86%(12)		09/15/57		8,865,546		23,361
Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) 2.03%(12)		06/15/49		5,538,021		78,793
Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS 4.67%(12)		09/15/61		1,100,000		1,068,623
Wells Fargo Commercial Mortgage Trust Series 2019- JWDR, Class F 4.56%(1),(12)		09/15/31		728,000		707,832
Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C 6.80%(12)		07/15/57		847,000		858,718
WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) 0.35%(1),(12)		12/15/45		40,140,665		401
WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) 0.25%(12)		09/15/57		221,729		77
Total Commercial Mortgage-Backed Securities—Non-Agency (Cost: $72,224,078)						63,748,438
RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—23.2%
Federal Home Loan Mortgage Corp., Pool #QE4038 3.00%		06/01/52		1,204,400		1,024,936
Federal Home Loan Mortgage Corp., Pool #RA5286 2.50%		05/01/51		657,216		536,574
Federal Home Loan Mortgage Corp., Pool #RA6427 3.00%		12/01/51		515,110		437,886
Federal Home Loan Mortgage Corp., Pool #SD3246 4.00%		08/01/52		1,742,561		1,597,019
Federal Home Loan Mortgage Corp., Pool #SD5324 4.00%		02/01/53		370,168		339,193
Federal Home Loan Mortgage Corp., Pool #SD8199 2.00%		03/01/52		9,398,342		7,321,900
Federal Home Loan Mortgage Corp., Pool #SD8213 3.00%		05/01/52		1,667,727		1,419,419
Federal Home Loan Mortgage Corp., Pool #SD8220 3.00%		06/01/52		2,128,477		1,811,320
Federal Home Loan Mortgage Corp., Pool #SD8225 3.00%		07/01/52		970,733		826,087
Federal Home Loan Mortgage Corp., Pool #SD8238 4.50%		08/01/52		3,472,285		3,276,887
Federal Home Loan Mortgage Corp., Pool #SD8244 4.00%		09/01/52		3,004,353		2,752,492
Federal Home Loan Mortgage Corp., Pool #SD8245 4.50%		09/01/52		2,589,747		2,443,613
Federal Home Loan Mortgage Corp., Pool #SD8257 4.50%		10/01/52		513,941		484,860
Federal Home Loan Mortgage Corp., Pool #SD8265 4.00%		11/01/52		671,793		615,266
Federal Home Loan Mortgage Corp., Pool #SD8266 4.50%		11/01/52		2,899,452		2,734,944
Federal Home Loan Mortgage Corp., Pool #SD8275 4.50%		12/01/52		2,996,432		2,826,421
Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O) 5.50%		07/15/36		176,540		34,097
Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) 2.00%		03/15/52		6,483,322		846,621
Federal National Mortgage Association, Pool #BV3023 2.00%		02/01/52		733,833		571,702
Federal National Mortgage Association, Pool #BV8463 2.50%		04/01/52		1,777,577		1,451,060
Federal National Mortgage Association, Pool #BV8515 3.00%		05/01/52		2,267,267		1,929,429
Federal National Mortgage Association, Pool #CB2403 2.50%		12/01/51		1,782,277		1,454,629
Federal National Mortgage Association, Pool #FS3806 2.50%		07/01/52		1,420,553		1,161,807
Federal National Mortgage Association, Pool #FS6380 2.50%		02/01/52		760,694		621,233
Federal National Mortgage Association, Pool #FS6925 2.50%		12/01/51		2,277,463		1,860,015
Federal National Mortgage Association, Pool #FS6943 3.00%		06/01/52		3,696,377		3,142,224
Federal National Mortgage Association, Pool #FS7577 2.50%		01/01/54		778,183		635,241
Federal National Mortgage Association, Pool #MA4562 2.00%		03/01/52		2,032,183		1,583,198
Federal National Mortgage Association, Pool #MA4700 4.00%		08/01/52		3,116,739		2,855,939
Federal National Mortgage Association, Pool #MA4783 4.00%		10/01/52		1,765,238		1,616,980
Federal National Mortgage Association, Pool #MA4784 4.50%		10/01/52		1,143,164		1,078,481
Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) 1.50%		01/25/52		33,380,941		3,684,473
Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) 2.00%		06/25/51		1,409,514		181,420
Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) 2.00%		03/25/51		5,153,071		664,848
Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) 2.00%		11/25/50		3,388,675		428,039
Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) 2.00%		10/25/52		7,931,341		1,022,250
Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC) 6.00% (-30 day USD SOFR Average + 41.613%)(2)		08/25/33		393		392
Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) 1.53% (-30 day USD SOFR Average + 5.886%)(2)		11/25/41		52,106		3,441
Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) 3.00%		12/25/27		71,468		1,928

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2024-73, Class FB 5.55% (30 day USD SOFR Average + 1.200%)(2)		10/25/54	$	1,792,384	$	1,785,859
Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) 1.15% (-30 day USD SOFR Average + 5.500%)(2)		11/25/54		15,351,584		1,014,644
Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) 1.00% (-30 day USD SOFR Average + 5.350%)(2)		07/25/54		12,506,478		639,090
Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) 1.50% (-30 day USD SOFR Average + 5.850%)(2)		12/25/54		7,216,164		528,770
Federal National Mortgage Association REMICS Series 2024-96, Class FA 5.75% (-30 day USD SOFR Average + 1.400%)(2)		12/25/54		6,658,397		6,669,431
Government National Mortgage Association, Pool #MA8427 4.50%		11/20/52		1,774,390		1,685,400
Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) 2.19% (-1 mo. USD Term SOFR + 6.486%)(2)		10/20/33		192,522		10,658
Government National Mortgage Association REMICS Series 2018-124, Class NW 3.50%		09/20/48		22,223		19,774
Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) 3.50%		11/20/48		2,187		2,004
Government National Mortgage Association, TBA
4.00%(14)		05/01/52		7,150,000		6,579,130
4.50%(14)		09/01/54		6,450,000		6,097,021
5.00%(14)		08/01/54		6,675,000		6,480,958
5.50%(14)		07/01/54		8,875,000		8,807,799
Uniform Mortgage-Backed Security, TBA 3.00%(14)		01/01/52		3,650,000		3,099,974
3.50%(14)		02/01/52		7,625,000		6,745,750
4.50%(14)		08/01/54		7,050,000		6,636,595
2.00%(14)		11/01/51		3,725,000		2,895,633
2.50%(14)		12/01/51		8,525,000		6,941,801
5.00%(14)		07/01/54		9,900,000		9,559,608
4.00%(14)		03/01/52		4,325,000		3,955,366
Total Residential Mortgage-Backed Securities—Agency (Cost: $137,739,126)						137,433,529
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—17.8%
ACRA Trust Series 2024-NQM1, Class M1A 6.19%(1),(12)		10/25/64		1,470,000		1,455,141
American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) 0.04%(7),(12)		12/25/46		19,157,739		159,406
American Home Mortgage Assets Trust Series 2007-1, Class A1 5.45% (1 yr. MTA + 0.700%)(2)		02/25/47		2,230,069		780,777
American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) 0.07%(7),(12)		06/25/47		7,807		108
AOMT Series 2024-6, Class A2 4.65%(1)		11/25/67		2,341,435		2,281,201
Banc of America Alternative Loan Trust Series 2006-5, Class CB8 4.74% (1 mo. USD Term SOFR + 0.424%)(2)		06/25/46		1,494,772		1,198,738
Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) 2.26% (-1 mo. USD Term SOFR + 6.576%)(2),(7)		06/25/46		1,494,781		115,089
Banc of America Funding Trust Series 2006-3, Class 5A3 5.50%(15)		03/25/36		4,330		3,815
Banc of America Funding Trust Series 2006-7, Class T2A5 6.54%		10/25/36		621,947		535,947
Banc of America Funding Trust Series 2014-R5, Class 1A2 4.20% (6 mo. USD Term SOFR + 1.928%)(1),(2)		09/26/45		1,014,113		721,380
Banc of America Funding Trust Series 2015-R4, Class 5A1 4.60% (1 mo. USD Term SOFR + 0.264%)(1),(2)		10/25/36		333		333
BCAP LLC Trust Series 2007-AA2, Class 2A12 5.50%		04/25/37		2,380,933		949,664
BCMSC Trust Series 1999-B, Class A2 6.98%(12)		12/15/29		997,492		77,449
BCMSC Trust Series 2000-A, Class A3 7.83%(12)		06/15/30		1,658,345		139,815
BCMSC Trust Series 2000-A, Class A4 8.29%(12)		06/15/30		142,144		12,690
Bear Stearns ARM Trust Series 2004-3, Class 2A 4.88%(12)		07/25/34		4,804		4,465
Bear Stearns ARM Trust Series 2005-10, Class A3 6.63%(12)		10/25/35		100,594		98,112
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B 3.54%		02/25/37		823,438		481,368
C-BASS Trust Series 2006-CB7, Class A4 4.75% (1 mo. USD Term SOFR + 0.434%)(2)		10/25/36		33,506		21,722
C-BASS Trust Series 2007-CB1, Class AF3 3.17%		01/25/37		943,675		263,359
C-BASS Trust Series 2007-CB1, Class AF6 3.17%		01/25/37		1,665,983		464,803
Cascade MH Asset Trust Series 2022-MH1, Class A 4.25%(1)		08/25/54		1,114,680		1,070,364
CFMT LLC Series 2024-NR1, Class A1 6.41%(1)		11/25/29		1,564,514		1,565,284
CFMT LLC Series 2024-R1, Class A3 4.00%(1)		10/25/54		1,500,000		1,383,839
CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 6.50%		01/25/38		203,571		97,695
CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 5.50%		06/25/37		585,220		261,190
CHNGE Mortgage Trust Series 2023-1, Class M1 8.21%(1),(12)		03/25/58		580,000		582,467
CIM Trust Series 2021-NR2, Class A1 5.57%(1)		07/25/59		1,851,316		1,847,562
CIM Trust Series 2021-NR4, Class A1 5.82%(1)		10/25/61		647,792		646,296

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
CIM Trust Series 2021-R5, Class A1B 2.00%(1),(12)		08/25/61	$	681,000	$	447,611
CIM Trust Series 2022-NR1, Class A1 5.00%(1)		07/25/62		270,063		267,981
CIM Trust Series 2023-NR1, Class A1 6.00%(1)		06/25/62		1,232,387		1,238,960
Citadel PLC Series 2024-1, Class X 8.71% (1 day GBP SONIA + 4.000%)(2),(3)		04/28/60		1,000,000		1,248,647
Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C 4.52%		03/25/36		27,742		12,828
Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 7.00%(1),(12)		12/25/35		494,928		349,147
Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A 6.13%		08/25/35		1,400,437		1,256,574
CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 5.50%		07/25/35		1,362,163		1,247,252
CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 5.50%		04/25/36		222,003		202,509
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 6.00%		01/25/37		93,386		81,544
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 6.00%		01/25/37		178,258		155,653
CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 5.75%		02/25/37		209,174		181,504
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 5.75%		03/25/37		175,281		155,767
CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 6.00%		05/25/37		722,016		658,194
COLT Mortgage Loan Trust Series 2024-7, Class B1 7.19%(1),(12)		12/26/69		1,000,000		1,004,428
Conseco Finance Securitizations Corp. Series 2000-1, Class A5 8.06%(12)		09/01/29		3,422,743		518,311
Conseco Finance Securitizations Corp. Series 2000-4, Class A5 7.97%		05/01/32		1,992,158		294,636
Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 5.50%		02/25/35		823,557		794,264
Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 5.50%		05/25/35		1,378,114		1,122,877
Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 5.50%		10/25/35		229,039		158,925
Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 5.25%		10/25/35		173,070		117,780
Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 5.50%		10/25/35		488,220		338,764
Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 5.50%		11/25/35		182,006		118,877
Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 6.00%		11/25/35		2,988,797		441,575
Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 5.50%		12/25/35		288,691		193,260
Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 5.50%		01/25/36		56,664		41,466
Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 6.00%		01/25/36		457,031		247,019
Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) 0.62% (-1 mo. USD Term SOFR + 4.936%)(2),(7)		03/01/38		1,198,997		37,585
Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 5.50%		02/25/36		508,769		292,566
Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 5.50%		02/25/36		232,580		133,745
Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) 6.00%		08/25/36		114,443		65,377
Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) 4.83% (1 mo. USD Term SOFR + 0.514%)(2)		08/25/36		3,795,736		1,672,228
Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) 1.17% (-1 mo. USD Term SOFR + 5.486%)(2),(7)		08/25/36		3,663,904		292,429
Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 6.00%		11/25/36		130,803		75,037
Countrywide Alternative Loan Trust Series 2006-34, Class A5 6.25%		11/25/46		1,255,230		559,388
Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 5.50%		02/25/36		177,906		119,638
Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) 6.00%		06/25/47		269,498		136,237
Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 5.75%		07/25/37		520,505		292,394
Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 6.00%		07/25/37		1,853,874		1,123,120
Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 6.00%		08/25/37		6,445		4,754
Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 6.00%		08/25/37		297,167		172,411
Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 6.50%		09/25/37		235,547		86,129
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 6.00%		04/25/37		170,986		91,701

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 6.00%		04/25/37	$	504,438	$	270,537
Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 6.75%(1)		10/25/36		28,786		28,483
Cross Mortgage Trust Series 2024-H6, Class A2 5.38%(1)		09/25/69		976,098		965,652
Cross Mortgage Trust Series 2024-H6, Class A3 5.48%(1)		09/25/69		878,488		868,295
CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 6.50%		08/25/36		1,024,206		494,950
CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 6.50%		08/25/36		392,877		153,281
CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 7.00%(12)		08/25/37		721,687		410,698
CSMC Trust Series 2014-8R, Class 3A2 5.51%(1),(12)		02/27/36		950,189		820,437
CSMC Trust Series 2020-RPL6, Class A1 3.47%(1),(12)		03/25/59		1,601,372		1,600,948
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 4.72%(12)		06/25/36		191,079		170,762
Deutsche Mortgage & Asset Receiving Corp. Series 2014- RS1, Class 1A2 6.50%(1),(12)		07/27/37		285,647		225,813
EFMT Series 2024-NQM1, Class B1B 7.66%(1),(12)		11/25/69		1,300,000		1,294,403
Ellington Financial Mortgage Trust Series 2022-4, Class B1 5.94%(1),(12)		09/25/67		900,000		882,629
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 6.85% (30 day USD SOFR Average + 2.500%)(1),(2)		01/25/42		1,000,000		1,024,137
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 9.72% (30 day USD SOFR Average + 5.364%)(1),(2)		06/25/39		767,569		809,927
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 8.22% (30 day USD SOFR Average + 3.864%)(1),(2)		09/25/39		872,068		904,541
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 7.87% (30 day USD SOFR Average + 3.514%)(1),(2)		10/25/39		880,662		911,188
First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C 4.75% (1 mo. USD Term SOFR + 0.434%)(2)		10/25/36		346,139		225,381
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D 4.87% (1 mo. USD Term SOFR + 0.554%)(2)		03/25/37		650,104		306,838
First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 6.25%		03/25/37		542,443		198,239
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 5.75%		04/25/37		705,775		222,198
GCAT Trust Series 2021-NQM6, Class A1 1.86%(1),(12)		08/25/66		1,392,832		1,245,660
GSAA Home Equity Trust Series 2007-5, Class 1F3B 6.00%(12)		05/25/37		4,300,000		310,789
GSAA Home Equity Trust Series 2007-5, Class 1F5B 6.44%		05/25/37		1,987,261		144,066
GSAA Home Equity Trust Series 2007-5, Class 2A2A 4.89% (1 mo. USD Term SOFR + 0.574%)(2)		04/25/47		736,268		321,554
GSAA Trust Series 2006-7, Class AF3 6.72%		03/25/46		2,746,622		995,516
GSAA Trust Series 2007-3, Class 2A1B 4.63% (1 mo. USD Term SOFR + 0.314%)(2)		03/25/47		166,316		8,932
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 5.34%(12)		09/25/35		2,919		2,766
HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A 5.09% (1 mo. USD Term SOFR + 0.794%)(2)		06/20/35		12,618		11,853
HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) 0.00%(1),(7),(12),(10)		06/20/35		925,290		1
HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A 4.77% (1 mo. USD Term SOFR + 0.474%)(2)		05/19/46		2,378,438		1,208,015
HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) 0.07%(7),(12)		07/19/46		2,496,121		25
HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 4.48%		12/25/36		244,254		80,510
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A 3.95%(12)		03/25/36		68,694		46,722
JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 6.18%(12)		03/25/36		877,965		757,787
JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 5.46%		09/25/29		425,778		250,098
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 6.08%		08/25/36		1,355,632		788,852
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 6.34%		08/25/36		257,612		149,852
JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 6.91%		07/25/36		1,611,906		433,245
JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 4.52%		11/25/36		1,317		1,301
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 4.29%		01/25/37		373,487		184,241
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 4.29%		10/25/30		573,401		282,823
JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 6.00%		03/25/37		356,013		134,047
JPMorgan Mortgage Trust Series 2024-CES1, Class A1B 6.02%(1)		06/25/54		1,158,956		1,161,824

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
JPMorgan Mortgage Trust Series 2024-CES1, Class A2 6.15%(1)		06/25/54	$	532,852	$	535,230
JPMorgan Mortgage Trust Series 2025-CES1, Class A3 6.07%(1),(12)		05/25/55		1,539,000		1,544,771
Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 6.63%(12)		04/15/40		323,358		326,429
Lehman Mortgage Trust Series 2006-1, Class 1A5 5.50%		02/25/36		129,860		60,590
Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) 2.12% (-1 mo. USD Term SOFR + 6.436%)(2),(7)		11/25/36		182,681		15,520
Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O) 2.80% (-1 mo. USD Term SOFR + 7.116%)(2),(7)		01/25/37		5,513,076		295,166
Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O) 1.91% (-1 mo. USD Term SOFR + 6.226%)(2),(7)		06/25/37		8,160,662		804,006
Lehman Mortgage Trust Series 2007-5, Class 7A3 7.50%		10/25/36		487,440		162,441
Lehman XS Trust Series 2005-1, Class 3A4 5.37%		07/25/35		27,343		28,205
Lehman XS Trust Series 2006-17, Class 1A (I/O) 0.60%(7)		08/25/46		6,945,467		136,868
Lehman XS Trust Series 2006-17, Class 1A3 4.93% (1 mo. USD Term SOFR + 0.614%)(2)		08/25/46		167,737		143,499
MASTR Alternative Loan Trust Series 2005-2, Class 4A3 4.83% (1 mo. USD Term SOFR + 0.514%)(2)		03/25/35		7,033		6,862
MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 4.65% (1 mo. USD Term SOFR + 0.334%)(2)		08/25/36		672,658		246,506
Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 4.75% (1 mo. USD Term SOFR + 0.434%)(2)		01/25/37		626,911		189,365
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B 4.69% (1 mo. USD Term SOFR + 0.374%)(2)		06/25/37		199,792		196,871
Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 4.93% (1 mo. USD Term SOFR + 0.614%)(2)		05/25/29		3,135		3,039
Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B 4.08% (1 mo. USD Term SOFR + 0.414%)(2)		11/25/37		742,554		237,516
Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A 4.80% (1 mo. USD Term SOFR + 0.484%)(2)		05/25/37		3,379,334		929,081
Mid-State Capital Corp. Trust Series 2005-1, Class A 5.75%		01/15/40		2,098		2,094
Mid-State Capital Corp. Trust Series 2006-1, Class A 5.79%(1)		10/15/40		24,864		24,865
Mid-State Trust XI Series 11, Class A1 4.86%		07/15/38		1,067		1,062
Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 6.00%		10/25/37		173,063		90,346
Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 6.50%(1),(12)		06/25/54		1,651,732		1,684,790
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 4.68% (1 mo. USD Term SOFR + 0.364%)(2)		06/25/37		14,783		14,186
Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 7.48%		08/15/27		231,771		177,586
OBX Trust Series 2022-NQM7, Class A3 5.70%(1)		08/25/62		1,265,992		1,262,711
PMT Loan Trust Series 2024-INV1, Class A29 6.00%(1),(12)		10/25/59		1,227,847		1,225,827
PRET LLC Series 2021-RN2, Class A1 4.74%(1)		07/25/51		550,182		547,597
PRET LLC Series 2022-RN2, Class A1 5.00%(1)		06/25/52		563,313		564,246
PRET LLC Series 2024-NPL4, Class A1 7.00%(1)		07/25/54		1,440,538		1,448,131
PRKCM Trust Series 2023-AFC1, Class B1 7.47%(1),(12)		02/25/58		1,200,000		1,203,404
PRPM LLC Series 2021-11, Class A1 5.49%(1)		11/25/26		254,732		254,405
PRPM LLC Series 2021-4, Class A1 4.87%(1)		04/25/26		1,630,232		1,628,954
PRPM LLC Series 2021-8, Class A1 4.74%(1),(12)		09/25/26		459,169		457,446
PRPM LLC Series 2021-9, Class A1 5.36%(1)		10/25/26		783,853		782,820
PRPM LLC Series 2022-1, Class A1 3.72%(1)		02/25/27		914,801		914,220
PRPM LLC Series 2022-3, Class A1 5.56%(1)		06/25/27		842,520		842,079
PRPM LLC Series 2022-4, Class A1 5.00%(1)		08/25/27		218,505		217,751
PRPM LLC Series 2024-5, Class A1 5.69%(1)		09/25/29		1,311,922		1,308,709
PRPM LLC Series 2024-RCF4, Class A2 4.00%(1)		07/25/54		1,600,000		1,484,197
PRPM LLC Series 2024-RPL3, Class A2 4.00%(1)		11/25/54		1,150,000		1,062,467
PRPM LLC Series 2024-RPL4, Class M1 4.00%(1)		12/25/54		1,280,000		1,148,326
PRPM Trust Series 2023-NQM2, Class B1 6.96%(1),(12)		08/25/68		1,250,000		1,253,161
RALI Trust Series 2005-QS14, Class 3A3 6.00%		09/25/35		104,425		89,675
RALI Trust Series 2005-QS16, Class A7 5.50%		11/25/35		343,439		295,037
RALI Trust Series 2006-QS15, Class A3 6.50%		10/25/36		704,115		595,718
RALI Trust Series 2006-QS18, Class 2A2 (I/O) 2.12% (-1 mo. USD Term SOFR + 6.436%)(2),(7)		12/25/36		3,548,359		371,811

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
RALI Trust Series 2006-QS4, Class A2 (PAC) 6.00%		04/25/36	$	258,623	$	206,537
RALI Trust Series 2006-QS4, Class A4 6.00%		04/25/36		320,378		255,854
RALI Trust Series 2006-QS6, Class 1A15 6.00%		06/25/36		125,938		99,869
RALI Trust Series 2006-QS6, Class 1A2 6.00%		06/25/36		494,730		392,321
RALI Trust Series 2006-QS6, Class 1A4 6.00%		06/25/36		825,672		654,758
RALI Trust Series 2007-QH9, Class X (P/O) 0.71%(7),(12)		11/25/37		9,736,563		290,533
RALI Trust Series 2007-QO2, Class A1 4.58% (1 mo. USD Term SOFR + 0.264%)(2)		02/25/47		506,452		158,153
RALI Trust Series 2007-QS1, Class 1A4 6.00%		01/25/37		400,272		309,837
RALI Trust Series 2007-QS1, Class 2A1 (I/O) 2.21% (-1 mo. USD Term SOFR + 6.526%)(2),(7)		01/25/37		5,541,438		488,302
RALI Trust Series 2007-QS3, Class A1 6.50%		02/25/37		379,057		309,020
RALI Trust Series 2007-QS7, Class 1A1 (PAC) 6.00%		05/25/37		42,216		33,480
RAMP Trust Series 2006-EFC2, Class A4 4.87% (1 mo. USD Term SOFR + 0.554%)(2)		12/25/36		15,725		15,528
RCKT Mortgage Trust Series 2024-CES5, Class A3 6.44%(1)		08/25/44		860,000		867,483
RCKT Mortgage Trust Series 2024-CES6, Class B1 7.23%(1)		09/25/44		2,300,000		2,320,252
RCKT Mortgage Trust Series 2024-CES8, Class A2 5.66%(1)		11/25/44		1,560,000		1,556,631
Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) 3.12% (-1 mo. USD Term SOFR + 7.436%)(2),(7)		02/25/34		353,847		25,844
Residential Asset Securitization Trust Series 2005-A8CB, Class A9 5.38%		07/25/35		221,467		123,903
Residential Asset Securitization Trust Series 2006-A12, Class A1 6.25%		11/25/36		503,301		184,770
Residential Asset Securitization Trust Series 2006-A15, Class A2 6.25%		01/25/37		507,693		170,535
Residential Asset Securitization Trust Series 2006-A16, Class 1A3 6.00%		02/25/37		333,135		132,045
Residential Asset Securitization Trust Series 2006-A5CB, Class A4 6.00%		06/25/36		209,000		80,834
Residential Asset Securitization Trust Series 2007-A1, Class A1 6.00%		03/25/37		325,926		99,073
Residential Asset Securitization Trust Series 2007-A3, Class 1A4 5.75%(15)		04/25/37		464,666		211,785
Residential Asset Securitization Trust Series 2007-A6, Class 1A3 6.00%		06/25/37		138,762		71,334
RFMSI Trust Series 2006-S10, Class 1A1 6.00%		10/25/36		597,632		452,421
RFMSI Trust Series 2006-S3, Class A7 5.50%		03/25/36		392,612		312,269
RFMSI Trust Series 2006-S6, Class A10 6.00%		07/25/36		191,433		163,600
RFMSI Trust Series 2006-S6, Class A14 6.00%		07/25/36		61,382		52,458
RFMSI Trust Series 2007-S8, Class 1A1 6.00%		09/25/37		133,905		89,585
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 2.83%		01/25/36		234,829		193,692
Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B 4.73% (1 mo. USD Term SOFR + 0.414%)(2)		12/25/36		827,414		394,174
Shamrock Residential DAC Series 2024-1A, Class C 4.98% (1 mo. EUR EURIBOR + 2.200%)(1),(2)		12/24/78		1,075,000		1,110,472
Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 4.68% (1 mo. USD Term SOFR + 0.364%)(2)		07/25/37		234,639		183,150
Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 5.43% (1 mo. USD Term SOFR + 1.114%)(2)		09/25/37		361,292		253,173
Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 6.82%(12)		02/25/34		698		670
Structured Asset Mortgage Investments II Trust Series 2006- AR2, Class A1 4.89% (1 mo. USD Term SOFR + 0.574%)(2)		02/25/36		8,297		7,539
Towd Point Mortgage Trust Series 2024-CES1, Class A1B 6.05%(1),(12)		01/25/64		908,759		913,952
Verus Securitization Trust Series 2022-2, Class A2 4.26%(1)		02/25/67		870,779		817,811
Verus Securitization Trust Series 2022-INV2, Class M1 6.79%(1),(12)		10/25/67		864,000		865,170
Verus Securitization Trust Series 2023-1, Class B1 6.89%(1),(12)		12/25/67		1,150,000		1,145,529
Verus Securitization Trust Series 2023-INV1, Class B1 7.52%(1),(12)		02/25/68		1,120,000		1,124,643
Verus Securitization Trust Series 2024-INV2, Class B2 7.98%(1),(12)		08/26/69		550,000		541,663
Visio Trust Series 2023-1, Class B1 7.84%(1),(12)		03/25/58		900,000		914,848
VOLT CIII LLC Series 2021-CF1, Class A1 4.99%(1)		08/25/51		514,159		513,980
VOLT XCII LLC Series 2021-NPL1, Class A1 5.89%(1)		02/27/51		172,412		172,518
VOLT XCVI LLC Series 2021-NPL5, Class A2 4.83%(1)		03/27/51		975,890		972,908
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6 6.00%		03/25/36		18,020		17,017
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O) 1.15%(7)		05/25/46		5,595,159		258,880

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)
Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 6.00%		06/25/37	$	156,296	$	138,025
Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 6.25%		11/25/37		270,128		235,467
Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR14, Class 2A3 7.39%(12)		10/25/36		24,970		22,337
Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR4, Class 2A1 6.13%(12)		04/25/36		5,354		5,184
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1 6.00%		06/25/37		1,354,927		1,221,002
Total Residential Mortgage-Backed Securities—Non-Agency (Cost: $124,526,008)						105,549,391
BANK LOANS—6.5%
Aerospace/Defense—0.1%
TransDigm, Inc. 2024 Term Loan I 7.08% (3 mo. USD Term SOFR + 2.750%)(2)		08/24/28		429,359		431,839
Apparel—0.0%
Hanesbrands, Inc. 2021 Term Loan 6.16% (1 mo. USD Term SOFR + 1.750%)(2)		11/19/26		80,428		80,478
Beverages—0.1%
Arterra Wines Canada, Inc. 2020 Term Loan 8.09% (3 mo. USD Term SOFR + 3.500%)(2)		11/24/27		500,000		489,737
City Brewing Co. LLC 2024 First Lien Second Out PIK TL 9.56% (3 mo. USD Term SOFR + 5.000%)(2),(7)		04/05/28		269,490		33,238
Naked Juice LLC 2nd Lien Term Loan 10.43% (3 mo. USD Term SOFR + 6.000%)(2)		01/24/30		252,357		88,325
Naked Juice LLC Term Loan 7.43% (3 mo. USD Term SOFR + 3.000%)(2)		01/24/29		243,750		178,912
						790,212
Chemicals—0.1%
Chemours Co. 2023 USD Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(2)		08/18/28		562,907		568,536
Mativ Holdings, Inc. Delayed Draw Term Loan A 6.91% (1 mo. USD Term SOFR + 2.500%)(2)		05/06/27		84,299		83,878
Schweitzer-Mauduit International, Inc. 2021 Term Loan B 8.18% (1 mo. USD Term SOFR + 3.750%)(2)		04/20/28		86,097		85,917
						738,331
Commercial Services—0.4%
Albion Financing 3 SARL 2024 USD Term Loan B 8.80% (3 mo. USD Term SOFR + 4.250%)(2)		08/16/29		76,763		77,471
Amspec Parent LLC 2024 Delayed Draw Term Loan 0.00%		12/22/31		25,030		25,170
Amspec Parent LLC 2024 Term Loan 8.58% (3 mo. USD Term SOFR + 4.250%)(2)		12/22/31		162,693		163,608
Belron Finance 2019 LLC 2024 USD Term Loan B 7.27% (3 mo. USD Term SOFR + 2.750%)(2)		10/16/31		342,919		346,305
Boost Newco Borrower LLC 2024 USD Term Loan B 6.83% (3 mo. USD Term SOFR + 2.500%)(2)		01/31/31		92,041		92,547
CCRR Parent, Inc. Term Loan B 9.03% (3 mo. USD Term SOFR + 4.250%)(2)		03/06/28		134,869		69,289
CCRR Parent, Inc. US Acquisition Facility 9.03% (3 mo. USD Term SOFR + 4.250%)(2)		03/06/28		406,588		202,615
Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan 8.08% (3 mo. USD Term SOFR + 3.750%)(2)		07/06/29		249,502		251,685
Kelso Industries LLC Term Loan 10.06% (1 mo. USD Term SOFR + 5.750%)(2),(16)		12/30/29		86,667		86,125
Priority Holdings LLC 2024 Term Loan B 9.06% (1 mo. USD Term SOFR + 4.750%)(2)		05/16/31		349,123		350,795
Ryan LLC Term Loan 7.81% (1 mo. USD Term SOFR + 3.500%)(2)		11/14/30		379,386		381,086
Spin Holdco, Inc. 2021 Term Loan 8.71% (3 mo. USD Term SOFR + 4.000%)(2)		03/04/28		229,958		193,059
TruGreen LP 2020 Term Loan 8.41% (1 mo. USD Term SOFR + 4.000%)(2)		11/02/27		173,186		168,609
						2,408,364
Computers—0.1%
Amentum Government Services Holdings LLC 2024 Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(2)		09/29/31		350,000		349,300
Peraton Corp. Term Loan B 8.16% (1 mo. USD Term SOFR + 3.750%)(2)		02/01/28		302,891		284,207
						633,507

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Distribution &Wholesale—0.2%
Gloves Buyer, Inc. 2025 Term Loan 0.00%(17)		01/17/32	$	525,012	$	524,904
Veritiv Corp. Term Loan B 8.83% (3 mo. USD Term SOFR + 4.500%)(2)		11/30/30		568,112		569,686
						1,094,590
Diversified Financial Services—0.6%
Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 6.05% (1 mo. USD Term SOFR + 1.750%)(2)		06/24/30		1,150,864		1,152,159
Deerfield Dakota Holding LLC 2020 USD Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(2)		04/09/27		803,727		792,768
Guggenheim Partners LLC 2024 Term Loan B 6.83% (3 mo. USD Term SOFR + 2.500%)(2)		11/21/31		219,799		221,196
Jane Street Group LLC 2024 Term Loan B1 6.40% (3 mo. USD Term SOFR + 2.000%)(2)		12/15/31		468,664		468,537
Jefferies Finance LLC 2024 Term Loan 7.30% (1 mo. USD Term SOFR + 3.000%)(2)		10/21/31		172,076		173,206
Summit Acquisition, Inc. 2024 Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(2)		10/16/31		647,360		653,025
						3,460,891
Electric—0.4%
Alpha Generation LLC Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(2)		09/30/31		627,387		631,622
Calpine Corp. 2024 Term Loan B10 6.06% (1 mo. USD Term SOFR + 1.750%)(2)		01/31/31		179,916		180,043
Cornerstone Generation LLC Term Loan B 0.00%(17)		10/28/31		181,482		182,862
Edgewater Generation LLC 2024 Term Loan B 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		08/01/30		90,997		91,992
EFS Cogen Holdings I LLC 2020 Term Loan B 7.81% (3 mo. USD Term SOFR + 3.500%)(2)		10/03/31		351,835		354,285
Kestrel Acquisition LLC 2024 Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(2)		11/06/31		230,009		231,710
Lackawanna Energy Center LLC Term Loan B2 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		08/06/29		45,502		45,858
Lackawanna Energy Center LLC Term Loan C 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		08/06/29		9,968		10,046
Potomac Energy Center LLC Term Loan 0.00%(17)		11/12/26		320,121		322,522
South Field LLC Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(2)		08/29/31		271,891		273,478
South Field LLC Term Loan C 8.08% (3 mo. USD Term SOFR + 3.750%)(2)		08/29/31		16,949		17,048
Talen Energy Supply LLC 2023 Term Loan C 8.02% (3 mo. USD Term SOFR + 3.500%)(2),(7)		05/17/30		88,898		88,898
Vistra Operations Co. LLC 1st Lien Term Loan B3 6.06% (1 mo. USD Term SOFR + 1.750%)(2)		12/20/30		113,194		113,498
						2,543,862
Electronics—0.0%
TCP Sunbelt Acquisition Co. 2024 Term Loan B 8.77% (3 mo. USD Term SOFR + 4.250%)(2)		10/16/31		45,000		45,441
Energy-Alternate Sources—0.0%
CPV Fairview LLC Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(2)		08/14/31		104,128		105,104
Engineering & Construction—0.1%
Artera Services LLC 2024 Term Loan 8.83% (3 mo. USD Term SOFR + 4.500%)(2)		02/15/31		195,635		194,585
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(2),(18)		03/31/28		576,883		584,457
						779,042
Entertainment—0.2%
J&J Ventures Gaming LLC 2025 Repriced Term Loan B 0.00%(17)		04/26/30		500,000		500,000
Showtime Acquisition LLC 2024 1st Lien Term Loan 9.24% (3 mo. USD Term SOFR + 4.750%)(2)		08/13/31		301,414		302,828
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 7.18% (1 mo. USD Term SOFR + 2.750%)(2)		05/18/25		71,752		71,902
						874,730

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Food—0.3%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(2)		10/01/25	$	437,946	$	430,556
BCPE North Star U.S. HoldCo 2, Inc. Term Loan 8.43% (1 mo. USD Term SOFR + 4.000%)(2)		06/09/28		171,477		167,422
Fiesta Purchaser, Inc. 2024 1st Lien Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(2)		02/12/31		748,125		751,361
United Natural Foods, Inc. 2024 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(2)		05/01/31		301,641		306,732
						1,656,071
Hand/Machine Tools—0.0%
Alliance Laundry Systems LLC 2024 Term Loan B 7.80% (1 mo. USD Term SOFR + 3.500%)(2)		08/19/31		201,378		202,548
Health Care-Products—0.1%
Bausch & Lomb Corp. 2023 Incremental Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(2)		09/29/28		339,289		342,788
NSM Top Holdings Corp. 2024 Term Loan 9.68% (3 mo. USD Term SOFR + 5.250%)(2)		05/14/29		95,226		96,448
						439,236
Health Care-Services—0.4%
ADMI Corp. 2023 Term Loan B5 10.06% (1 mo. USD Term SOFR + 5.750%)(2)		12/23/27		83,888		84,937
Aveanna Healthcare LLC 2021 Term Loan B 8.36% (3 mo. USD Term SOFR + 3.750%)(2)		07/17/28		260,444		258,199
ModivCare, Inc. 2024 Term Loan B 9.08% (3 mo. USD Term SOFR + 4.750%)(2)		07/01/31		796,000		664,330
ModivCare, Inc. 2025 Incremental Term Loan 0.00%(17)		01/09/26		271,354		267,283
NAPA Management Services Corp. Term Loan B 9.66% (1 mo. USD Term SOFR + 5.250%)(2)		02/23/29		738,530		694,222
Star Parent, Inc. Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(2)		09/27/30		190,849		188,689
U.S. Anesthesia Partners, Inc. 2021 Term Loan 8.70% (1 mo. USD Term SOFR + 4.250%)(2)		10/01/28		459,563		458,078
						2,615,738
Home Furnishings—0.1%
AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B 7.34% (1 mo. USD Term SOFR + 3.000%)(2)		07/31/28		301,485		302,609
Insurance—0.2%
Acrisure LLC 2024 1st Lien Term Loan B1 7.06% (1 mo. USD Term SOFR + 2.750%)(2)		02/15/27		529,850		532,457
Asurion LLC 2020 Term Loan B8 7.68% (1 mo. USD Term SOFR + 3.250%)(2)		12/23/26		351,637		351,797
Asurion LLC 2021 Second Lien Term Loan B4 9.68% (1 mo. USD Term SOFR + 5.250%)(2)		01/20/29		300,000		292,571
Asurion LLC 2024 Term Loan B12 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		09/19/30		182,257		182,200
						1,359,025
Internet—0.6%
Arches Buyer, Inc. 2021 Term Loan B 7.66% (1 mo. USD Term SOFR + 3.250%)(2)		12/06/27		122,762		120,485
Barracuda Networks, Inc. 2022 Term Loan 8.79% (3 mo. USD Term SOFR + 4.500%)(2)		08/15/29		544,804		481,386
Delivery Hero SE 2024 USD Term Loan B 9.52% (3 mo. USD Term SOFR + 5.000%)(2)		12/12/29		1,033,995		1,044,076
MH Sub I LLC 2023 Term Loan 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		05/03/28		316,175		313,311
MH Sub I LLC 2024 Term Loan B4 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		12/11/31		665,220		647,093
Polaris Purchaser, Inc. USD Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(2)		03/03/31		466,667		471,333
PUG LLC 2024 Extended Term Loan B 9.06% (1 mo. USD Term SOFR + 4.750%)(2)		03/15/30		100,423		100,894
Research Now Group, Inc. 2024 First Lien First Out Term Loan 9.79% (3 mo. USD Term SOFR + 5.000%)(2)		07/15/28		62,754		63,538
Research Now Group, Inc. 2024 First Lien Second Out Term Loan 10.29% (3 mo. USD Term SOFR + 5.500%)(2)		10/15/28		102,212		95,466
						3,337,582

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Leisure Time—0.2%
City Football Group Ltd. 2024 Term Loan 7.43% (1 mo. USD Term SOFR + 3.000%)(2)		07/22/30	$	962,922	$	962,522
Sabre GLBL, Inc. 2024 Term Loan B1 10.41% (1 mo. USD Term SOFR + 6.000%)(2)		11/15/29		87,072		87,290
						1,049,812
Lodging—0.0%
Fertitta Entertainment LLC 2022 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(2)		01/27/29		126,802		127,602
Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 6.06% (1 mo. USD Term SOFR + 1.750%)(2)		11/08/30		12,226		12,317
						139,919
Machinery-Construction & Mining—0.1%
WEC U.S. Holdings Ltd. 2024 Term Loan 6.59% (1 mo. USD Term SOFR + 2.250%)(2)		01/27/31		368,189		369,662
Machinery-Diversified—0.0%
ASP Blade Holdings, Inc. Initial Term Loan 8.59% (3 mo. USD Term SOFR + 4.000%)(2)		10/13/28		196,200		102,637
Media—0.3%
CSC Holdings LLC 2019 Term Loan B5 7.17% (6 mo. USD LIBOR + 2.500%)(2) 04/15/27				204,347		190,777
NEP Group, Inc. 2023 Term Loan B 7.68% (1 mo. USD Term SOFR + 3.250%)(2)		08/19/26		983,289		888,957
Telenet Financing USD LLC 2020 USD Term Loan AR 6.42% (1 mo. USD Term SOFR + 2.000%)(2)		04/30/28		500,000		489,480
Virgin Media Bristol LLC USD Term Loan N 6.92% (1 mo. USD Term SOFR + 2.500%)(2)		01/31/28		221,162		218,121
						1,787,335
Mining—0.0%
American Rock Salt Co. LLC 2024 First Out Term Loan 11.78% (3 mo. USD Term SOFR + 7.000%)(2),(19)		06/09/28		111,416		113,087
Miscellaneous Manufacturers—0.3%
Technimark Holdings LLC 2021 Term Loan 0.00%(17)		04/14/31		787,879		788,371
Technimark Holdings LLC 2024 Term Loan 7.55% (1 mo. USD Term SOFR + 3.250%)(2)		04/14/31		785,910		786,401
						1,574,772
Office/Business Equipment—0.1%
Xerox Holdings Corp. 2023 Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(2)		11/17/29		450,690		449,002
Packaging & Containers—0.3%
Balcan Innovations, Inc. Term Loan B 9.04% (3 mo. USD Term SOFR + 4.750%)(2)		10/10/31		581,065		586,149
Berry Global, Inc. 2023 Term Loan AA 6.16% (1 mo. USD Term SOFR + 1.750%)(2)		07/01/29		211,813		212,414
Plaze, Inc. 2020 Incremental Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(2)		08/03/26		672,894		637,203
Proampac PG Borrower LLC 2024 Term Loan 8.52% (3 mo. USD Term SOFR + 4.000%)(2)		09/15/28		342,459		343,671
						1,779,437
Pharmaceuticals—0.1%
Gainwell Acquisition Corp. Term Loan B 8.43% (3 mo. USD Term SOFR + 4.000%)(2)		10/01/27		240,602		229,714
Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B 6.46% (1 mo. USD Term SOFR + 2.000%)(2)		11/15/27		87,976		87,597
Pathway Vet Alliance LLC 2021 Term Loan 8.34% (3 mo. USD Term SOFR + 3.750%)(2)		03/31/27		95,759		78,608
						395,919
REIT—0.2%
Healthpeak Properties, Inc. 2024 Term Loan A3 5.18% (3 mo. USD Term SOFR + 0.850%)(2)		03/01/29		223,979		219,780
Healthpeak Properties, Inc. Term Loan A1 5.92% (1 mo. USD Term SOFR + 1.600%)(2)		08/20/27		110,979		109,175
Healthpeak Properties, Inc. Term Loan A2 5.92% (1 mo. USD Term SOFR + 1.600%)(2)		02/22/27		110,979		109,175
Invitation Homes Operating Partnership LP 2024 Term Loan 5.40% (3 mo. USD Term SOFR + 1.118%)(2)		09/09/28		739,444		728,353
						1,166,483
Retail—0.2%
1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 6.06% (1 mo. USD Term SOFR + 1.750%)(2)		09/20/30		299,575		299,013

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Retail (Continued)
Lakeshore Intermediate LLC Term Loan 7.93% (1 mo. USD Term SOFR + 3.500%)(2)		09/29/28	$	498,715	$	491,807
Michaels Cos., Inc. 2021 Term Loan B 8.84% (3 mo. USD Term SOFR + 4.250%)(2)		04/17/28		164,050		133,701
Peer Holding III BV 2024 USD Term Loan B5 7.33% (3 mo. USD Term SOFR + 3.000%)(2)		07/01/31		325,644		327,761
						1,252,282
Software—0.4%
AthenaHealth Group, Inc. 2022 Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(2)		02/15/29		229,048		229,608
Boxer Parent Co., Inc. 2024 2nd Lien Term Loan 10.04% (3 mo. USD Term SOFR + 5.750%)(2)		07/30/32		368,189		366,004
Cast & Crew Payroll LLC 2021 Incremental Term Loan 8.06% (1 mo. USD Term SOFR + 3.750%)(2)		12/29/28		225,949		214,369
EagleView Technology Corp. 2018 Add On Term Loan B 8.09% (3 mo. USD Term SOFR + 3.500%)(2)		08/14/25		835,449		799,859
Quartz Acquireco LLC 2024 Term Loan B1 7.08% (3 mo. USD Term SOFR + 2.750%)(2)		06/28/30		449,166		452,254
Renaissance Holdings Corp. 2024 1st Lien Term Loan 8.31% (1 mo. USD Term SOFR + 4.000%)(2)		04/05/30		565,773		565,968
						2,628,062
Telecommunications—0.2%
Altice France SA 2023 USD Term Loan B14 9.80% (3 mo. USD Term SOFR + 5.500%)(2)		08/15/28		181,160		153,533
CCI Buyer, Inc. Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(2)		12/17/27		516,470		519,375
Zayo Group Holdings, Inc. USD Term Loan 7.43% (1 mo. USD Term SOFR + 3.000%)(2)		03/09/27		500,000		482,365
						1,155,273
Transportation—0.1%
Third Coast Infrastructure LLC Term Loan B 8.56% (1 mo. USD Term SOFR + 4.250%)(2)		09/25/30		427,072		429,341
Total Bank Loans (Cost: $38,859,434)						38,292,223
U.S. TREASURY SECURITIES—11.1%
U.S. Treasury Notes
4.13%		01/31/27		19,785,000		19,756,018
4.25%		12/31/26		14,360,000		14,370,658
4.25%		01/15/28		5,210,000		5,211,832
4.25%		01/31/30		20,945,000		20,870,547
4.38%		12/31/29		5,407,000		5,417,560
Total U.S. Treasury Securities (Cost: $65,486,518)						65,626,615
Total Fixed Income Securities (Cost: $651,045,200)						618,367,302
CONVERTIBLE SECURITIES—0.1% of Net Assets
CONVERTIBLE CORPORATE BONDS—0.1%
Beverages—0.0%
Davide Campari-Milano NV (Italy) 2.38%(3)		01/17/29		100,000		98,434
Commercial Services—0.1%
Worldline SA (France) 0.00%(3),(10)		07/30/26		280,000		281,920
Total Convertible Corporate Bonds (Cost: $386,702)						380,354
Total Convertible Securities (Cost: $386,702)						380,354
			Shares
MONEY MARKET INVESTMENTS—9.6%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(20)				1,803,170		1,803,170
TCW Central Cash Fund, 4.36%(20),(21)				55,393,031		55,393,031
Total Money Market Investments (Cost: $57,196,201)						57,196,201
COMMON STOCK—0.1%
Real Estate—0.0%
Aoyuan New Shares(7),(22)				30,741		805
China Aoyuan Group Ltd.(22)				12,296		322
						1,127
REIT—0.0%
AGNC Investment Corp.				25,500		254,235
Telecommunications—0.1%
Intelsat SA(7),(22)				11,053		360,488
Total Common Stock (Cost: $683,384)						615,850
WARRANTS—0.0%
Cineworld Group PLC(7),(22),(10)				152,713		—
Total Investments (114.3%) (Cost: $709,311,487)						676,559,707
Net unrealized appreciation on unfunded commitments—0.0%						2,177
Liabilities In Excess Of Other Assets (-14.3%)						(84,775,239	)
Net Assets (100.0%)					$	591,786,645

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY(23)
Goldman Sachs & Co.		EUR		3,550,000		02/03/25	$	3,701,496	$	3,682,771	$	(18,725	)
Goldman Sachs & Co.		EUR		203,501		02/04/25		211,515		211,112		(403	)
							$	3,913,011	$	3,893,883	$	(19,128	)
SELL(24)
Goldman Sachs & Co.		EUR		19,922,000		04/11/25		20,501,323		20,733,379		(232,056	)
Goldman Sachs & Co.		GBP		3,847,000		04/11/25		4,685,157		4,768,853		(83,696	)
Bank Of New York		GBP		1,017,000		04/11/25		1,242,408		1,260,702		(18,294	)
							$	26,428,888	$	26,762,934	$	(334,046	)

FUTURES CONTRACTS
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
570	2-Year U.S. Treasury Note Futures		03/31/25	$	117,207,893		$	117,206,250		$	(1,643	)
1,362	5-Year U.S. Treasury Note Futures		03/31/25		145,211,476			144,904,031			(307,445	)
				$	262,419,369		$	262,110,281		$	(309,088	)
Short Futures
532	10-Year U.S. Treasury Note Futures		03/20/25	$	(59,910,420	)	$	(59,251,500	)	$	658,920
4	30-Year Euro-Buxl Future		03/6/25		(586,585	)		(534,967	)		51,618
12	Euro SCHWATZ Futures		03/6/25		(1,337,733	)		(1,329,719	)		8,014
16	Euro-Bobl Future		03/6/25		(1,972,296	)		(1,949,151	)		23,145
21	Euro-Bund Future		03/6/25		(2,981,660	)		(2,887,002	)		94,658
7	Long Gilt Futures		03/27/25		(797,878	)		(805,178	)		(7,300	)
144	U.S. Ultra Long Bond Futures		03/20/25		(17,551,168	)		(17,059,500	)		491,668
				$	(85,137,740	)	$	(83,817,017	)	$	1,320,723

Notes to the Schedule of Investments:
ABS	Asset-Backed Securities.
ACES	Alternative Credit Enhancement Securities.
CLO	Collateralized Loan Obligation.
EETC	Enhanced Equipment Trust Certificate.
I/F	Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
I/O	Interest Only Security.
PAC	Planned Amortization Class.
REIT	Real Estate Investment Trust.
REMIC	Real Estate Mortgage Investment Conduits.
SOFR	Secured Overnight Financing Rate.
STRIPS	Separate Trading of Registered Interest and Principal Securities.
TBA	To Be Announced.
EUR	Euro Currency.
GBP	British Pound Sterling.
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $255,363,781 or 43.2% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Trustees.
(2)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(3)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2025, the value of these securities amounted to $13,689,466 or 2.3% of net assets.
(4)	Perpetual maturity.
(5)	This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(6)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.
(7)	For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(8)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.00% cash or 9.00% payment-in-kind interest.

TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

(9)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.80% cash or 9.80% payment-in-kind interest.
(10)	Security is not accruing interest.
(11)	Payment in kind.
(12)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(13)	This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.
(14)	Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.
(15)	A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.
(16)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $33,333, at an interest rate of 10.06% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 1.00% per annum.
(17)	This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(18)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $46,493, at an interest rate of 8.18% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.75% per annum.
(19)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $88,708, at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.
(20)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(21)	Affiliated issuer.
(22)	Non-income producing security.
(23)	Fund buys foreign currency, sells U.S. Dollar.
(24)	Fund sells foreign currency, buys U.S. Dollar.

TCW Flexible Income ETF
Schedule of Investments (Continued)

The summary of the TCW Flexible Income ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	177,793,031	$	122,400,000		55,393,031	$	55,393,031	$	213,489	$	—	$	—	$	—
Total									$	55,393,031	$	213,489	$	—	$	—	$	—

TCW Flexible Income ETF
Investments by Sector (Unaudited)	January 31, 2025

Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities—Agency		23.2	%
Residential Mortgage-Backed Securities—Non-Agency		17.8
Asset-Backed Securities		17.3
Corporate Bonds		16.3
U.S. Treasury Securities		11.1
Commercial Mortgage-Backed Securities—Non-Agency		10.8
Money Market Investments		9.6
Bank Loans		6.5
Foreign Government Bonds		1.0
Commercial Mortgage-Backed Securities—Agency		0.3
Municipal Bonds		0.2
Common Stock		0.1
Convertible Corporate Bonds		0.1
Warrants		0.0	**
Other*		(14.3	)
Total		100.0	%

* Includes futures, pending trades, interest receivable, fund share transactions and accrued expenses payable.

** Amount rounds to less than 0.1%.

TCW Flexible Income ETF
Fair Valuation Summary (Unaudited)	January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Residential Mortgage-Backed Securities—Agency	$	—		$	137,433,529		$	—	$	137,433,529
Residential Mortgage-Backed Securities—Non-Agency		—			102,257,818			3,291,573		105,549,391
Asset-Backed Securities		—			99,113,212			3,498,786		102,611,998
Corporate Bonds*		—			96,277,328			2,895		96,280,223
U.S. Treasury Securities		65,626,615			—			—		65,626,615
Commercial Mortgage-Backed Securities—Non-Agency		—			63,051,893			696,545		63,748,438
Bank Loans*		—			38,203,325			88,898		38,292,223
Foreign Government Bonds		—			6,006,650			—		6,006,650
Commercial Mortgage-Backed Securities—Agency		—			1,669,448			—		1,669,448
Municipal Bonds		—			1,148,787			—		1,148,787
Unfunded Commitments Appreciation		—			2,177			—		2,177
Total Fixed Income Securities		65,626,615			545,164,167			7,578,697		618,369,479
Money Market Investments		57,196,201			—			—		57,196,201
Common Stock*		254,557			—			361,293		615,850
Convertible Corporate Bonds*		—			380,354			—		380,354
Warrants		—			—			—		—
Total Investments	$	123,077,373		$	545,544,521		$	7,939,990	$	676,561,884
Asset Derivatives
Futures Contracts
Interest Rate Risk		1,328,023			—			—		1,328,023
Total	$	124,405,396		$	545,544,521		$	7,939,990	$	677,889,907
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(353,174	)	$	—	$	(353,174	)
Futures Contracts
Interest Rate Risk		(316,388	)		—			—		(316,388	)
Total	$	(316,388	)	$	(353,174	)	$	—	$	(669,562	)

* See Schedule of Investments for corresponding industries.

TCW High Yield Bond ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—96.3% of Net Assets
CORPORATE BONDS—80.7%
Advertising—0.4%
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%(1)		03/15/30	$	105,000	$	97,631
7.38%(1)		02/15/31		57,000		59,767
						157,398
Aerospace & Defense—1.3%
TransDigm, Inc. 4.63%		01/15/29		135,000		127,906
6.38%(1)		03/01/29		277,000		280,083
6.75%(1)		08/15/28		18,000		18,335
6.88%(1)		12/15/30		70,000		71,774
						498,098
Agriculture—0.4%
Darling Ingredients, Inc. 6.00%(1)		06/15/30		139,000		138,490
Airlines—0.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%(1)		04/20/26		25,417		25,426
JetBlue Airways Corp./JetBlue Loyalty LP 9.88%(1)		09/20/31		38,000		40,146
						65,572
Apparel—0.3%
Crocs, Inc. 4.13%(1)		08/15/31		114,000		100,362
Auto Manufacturers—0.2%
Allison Transmission, Inc. 3.75%(1)		01/30/31		100,000		89,425
Auto Parts & Equipment—0.2%
Clarios Global LP/Clarios U.S. Finance Co. 6.75%(1)		05/15/28		59,000		60,136
Beverages—0.5%
Triton Water Holdings, Inc. 6.25%(1)		04/01/29		209,000		207,662
Building Materials—0.5%
Quikrete Holdings, Inc. 6.38%(1),(2)		03/01/32		155,000		155,753
Standard Building Solutions, Inc. 6.50%(1)		08/15/32		59,000		59,622
						215,375
Chemicals—2.4%
Axalta Coating Systems Dutch Holding B BV 7.25%(1)		02/15/31		150,000		156,469
INEOS Finance PLC (Luxembourg) 7.50%(1)		04/15/29		49,000		50,111
Olympus Water U.S. Holding Corp. 7.13%(1)		10/01/27		125,000		127,020
SCIH Salt Holdings, Inc.
4.88%(1)		05/01/28		108,000		104,849
6.63%(1)		05/01/29		104,000		101,002
SCIL IV LLC/SCIL USA Holdings LLC 5.38%(1)		11/01/26		102,000		101,234
SK Invictus Intermediate II SARL (Luxembourg) 5.00%(1)		10/30/29		43,000		40,794
Tronox, Inc. 4.63%(1)		03/15/29		110,000		99,827
WR Grace Holdings LLC
5.63%(1)		08/15/29		64,000		59,763
7.38%(1)		03/01/31		96,000		99,194
						940,263
Commercial Services—5.9%
ADT Security Corp. 4.88%(1)		07/15/32		107,000		99,908
Adtalem Global Education, Inc. 5.50%(1)		03/01/28		141,000		139,006
Allied Universal Holdco LLC 7.88%(1)		02/15/31		98,000		100,566
Allied Universal Holdco LLC/Allied Universal Finance Corp. 9.75%(1)		07/15/27		59,000		59,408
Block, Inc. 3.50%		06/01/31		188,000		167,384
Brink’s Co. 6.75%(1)		06/15/32		97,000		99,282
Carriage Services, Inc. 4.25%(1)		05/15/29		224,000		205,495
Deluxe Corp. 8.13%(1)		09/15/29		60,000		61,814
EquipmentShare.com, Inc. 8.00%(1)		03/15/33		39,000		40,604
Garda World Security Corp. (Canada) 8.38%(1)		11/15/32		60,000		62,009
Prime Security Services Borrower LLC/Prime Finance, Inc. 6.25%(1)		01/15/28		135,000		135,011
Raven Acquisition Holdings LLC 6.88%(1)		11/15/31		65,000		65,081
Service Corp. International 5.75%		10/15/32		203,000		199,567
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 6.75%(1)		08/15/32		95,000		97,601
Sotheby’s 7.38%(1)		10/15/27		59,000		58,507
United Rentals North America, Inc. 6.13%(1)		03/15/34		100,000		100,269
Upbound Group, Inc. 6.38%(1)		02/15/29		205,000		201,121
Valvoline, Inc. 3.63%(1)		06/15/31		160,000		139,091
Veritiv Operating Co. 10.50%(1)		11/30/30		36,000		39,164
VT Topco, Inc. 8.50%(1)		08/15/30		93,000		98,688
ZipRecruiter, Inc. 5.00%(1)		01/15/30		152,000		138,773
						2,308,349
Computers—1.2%
Crowdstrike Holdings, Inc. 3.00%		02/15/29		110,000		101,120
Insight Enterprises, Inc. 6.63%(1)		05/15/32		139,000		141,417
NCR Voyix Corp. 5.13%(1)		04/15/29		105,000		100,258
Science Applications International Corp. 4.88%(1)		04/01/28		149,000		144,484
						487,279
Cosmetics/Personal Care—0.8%
Perrigo Finance Unlimited Co. 6.13%		09/30/32		142,000		139,367

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Cosmetics/Personal Care (Continued)
Prestige Brands, Inc. 3.75%(1)		04/01/31	$	215,000	$	191,475
						330,842
Distribution & Wholesale—0.4%
Ritchie Bros Holdings, Inc. (Canada) 6.75%(1)		03/15/28		137,000		140,551
Diversified Financial Services—1.2%
GGAM Finance Ltd. (Ireland) 8.00%(1)		02/15/27		115,000		118,837
Jane Street Group/JSG Finance, Inc.
6.13%(1)		11/01/32		90,000		89,570
7.13%(1)		04/30/31		109,000		112,721
Macquarie Airfinance Holdings Ltd. (United Kingdom) 6.40%(1)		03/26/29		125,000		128,891
						450,019
Electric—1.6%
Alpha Generation LLC 6.75%(1)		10/15/32		105,000		106,190
Calpine Corp. 5.00%(1)		02/01/31		42,000		40,158
Pike Corp. 8.63%(1)		01/31/31		186,000		198,643
Talen Energy Supply LLC 8.63%(1)		06/01/30		127,000		135,590
Vistra Operations Co. LLC 6.88%(1)		04/15/32		137,000		141,258
						621,839
Electrical Components & Equipment—0.3%
Energizer Holdings, Inc. 4.38%(1)		03/31/29		125,000		117,015
Electronics—0.5%
Coherent Corp. 5.00%(1)		12/15/29		65,000		62,646
Sensata Technologies, Inc. 6.63%(1)		07/15/32		136,000		137,207
						199,853
Engineering & Construction—0.1%
Brand Industrial Services, Inc. 10.38%(1)		08/01/30		37,000		38,200
Entertainment—3.2%
Banijay Entertainment SAS (France) 8.13%(1)		05/01/29		110,000		114,330
CCM Merger, Inc. 6.38%(1)		05/01/26		101,000		100,948
Churchill Downs, Inc. 6.75%(1)		05/01/31		139,000		141,648
Cinemark USA, Inc. 7.00%(1)		08/01/32		97,000		99,797
Everi Holdings, Inc. 5.00%(1)		07/15/29		202,000		202,921
Great Canadian Gaming Corp. 8.75%(1)		11/15/29		100,000		103,870
Light & Wonder International, Inc. 7.50%(1)		09/01/31		58,000		60,457
Live Nation Entertainment, Inc. 4.75%(1)		10/15/27		115,000		112,793
Penn Entertainment, Inc. 5.63%(1)		01/15/27		65,000		64,470
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. 6.63%(1),(2)		02/01/33		98,000		97,805
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 6.25%(1)		03/15/33		141,000		139,793
						1,238,832
Environmental Control—1.8%
Clean Harbors, Inc. 6.38%(1)		02/01/31		138,000		139,835
GFL Environmental, Inc. 6.75%(1)		01/15/31		134,000		139,088
Madison IAQ LLC 5.88%(1)		06/30/29		103,000		99,486
Paprec Holding SA (France) 7.25%(1)		11/17/29	EUR	100,000		110,152
Waste Pro USA, Inc. 7.00%(1)		02/01/33	$	195,000		197,229
						685,790
Food—2.1%
B&G Foods, Inc. 8.00%(1)		09/15/28		59,000		61,227
ELO SACA (France) 3.25%(3)		07/23/27	EUR	200,000		189,106
Post Holdings, Inc.
4.50%(1)		09/15/31	$	222,000		200,841
6.38%(1)		03/01/33		201,000		198,162
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed 4.63%(1)		03/01/29		108,000		100,778
TreeHouse Foods, Inc. 4.00%		09/01/28		67,000		61,329
						811,443
Gas—0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%		08/20/26		105,000		104,357
9.38%(1)		06/01/28		132,000		131,167
						235,524
Hand/Machine Tools—0.3%
IMA Industria Macchine Automatiche SpA (Italy) 6.54% (3 mo. EURIBOR + 3.750%)(1),(4)		04/15/29	EUR	100,000		104,544
Health Care-Products—2.0%
Bausch & Lomb Corp. 8.38%(1)		10/01/28		135,000		141,526
Hologic, Inc. 3.25%(1)		02/15/29		55,000		50,651
Medline Borrower LP 5.25%(1)		10/01/29		104,000		100,816
Medline Borrower LP/Medline Co-Issuer, Inc. 6.25%(1)		04/01/29		99,000		100,724
Neogen Food Safety Corp. 8.63%(1)		07/20/30		92,000		98,461
Sotera Health Holdings LLC 7.38%(1)		06/01/31		95,000		96,831
Teleflex, Inc. 4.25%(1)		06/01/28		210,000		202,125
						791,134

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Health Care-Services—5.8%
CHS/Community Health Systems, Inc. 5.25%(1)		05/15/30	$	209,000	$	178,281
DaVita, Inc. 6.88%(1)		09/01/32		98,000		99,486
Encompass Health Corp. 4.63%		04/01/31		107,000		100,107
Fortrea Holdings, Inc. 7.50%(1)		07/01/30		98,000		98,465
HAH Group Holding Co. LLC 9.75%(1)		10/01/31		136,000		136,985
HealthEquity, Inc. 4.50%(1)		10/01/29		62,000		58,575
Heartland Dental LLC/Heartland Dental Finance Corp. 10.50%(1)		04/30/28		75,000		80,042
IQVIA, Inc. 6.50%(1)		05/15/30		138,000		141,040
Kedrion SpA (Italy) 6.50%(1)		09/01/29		250,000		238,557
ModivCare, Inc. 5.00%(1)		10/01/29		200,000		137,000
Molina Healthcare, Inc. 6.25%(1)		01/15/33		141,000		140,050
Prime Healthcare Services, Inc. 9.38%(1)		09/01/29		138,000		131,640
Star Parent, Inc. 9.00%(1)		10/01/30		155,000		163,235
Surgery Center Holdings, Inc. 7.25%(1)		04/15/32		138,000		137,770
Tenet Healthcare Corp.
6.75%		05/15/31		298,000		305,077
6.88%		11/15/31		96,000		99,213
						2,245,523
Home Furnishings—0.3%
Tempur Sealy International, Inc. 3.88%(1)		10/15/31		115,000		101,093
Household Products/Wares—0.7%
Central Garden & Pet Co.
4.13%		10/15/30		65,000		59,151
4.13%(1)		04/30/31		90,000		80,853
Spectrum Brands, Inc. 3.88%(1)		03/15/31		153,000		131,972
						271,976
Insurance—2.8%
Acrisure LLC/Acrisure Finance, Inc.
7.50%(1)		11/06/30		60,000		62,039
8.25%(1)		02/01/29		97,000		100,797
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.00%(1)		01/15/31		139,000		141,631
7.38%(1)		10/01/32		100,000		102,264
AmWINS Group, Inc. 6.38%(1)		02/15/29		60,000		60,798
Ardonagh Group Finance Ltd. (United Kingdom) 8.88%(1),(2)		02/15/32		60,000		62,417
AssuredPartners, Inc. 7.50%(1)		02/15/32		59,000		63,827
Farmers Exchange Capital II 6.15% (3 mo. USD Term SOFR + 4.006%)(1),(4)		11/01/53		160,000		152,131
HUB International Ltd.
7.25%(1)		06/15/30		115,000		118,995
7.38%(1)		01/31/32		136,000		139,997
Panther Escrow Issuer LLC 7.13%(1)		06/01/31		70,000		71,801
						1,076,697
Internet—0.7%
Cogent Communications Group LLC 7.00%(1)		06/15/27		100,000		101,233
ION Trading Technologies SARL (Luxembourg) 9.50%(1)		05/30/29		38,000		39,767
Match Group Holdings II LLC 5.63%(1)		02/15/29		143,000		141,609
						282,609
Investment Companies—0.8%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%		06/15/30		45,000		44,408
9.75%		01/15/29		135,000		138,602
10.00%(1)		11/15/29		114,000		116,480
						299,490
Iron & Steel—0.7%
ATI, Inc.
5.13%		10/01/31		74,000		70,023
7.25%		08/15/30		30,000		31,157
Carpenter Technology Corp. 7.63%		03/15/30		97,000		100,451
Cleveland-Cliffs, Inc. 7.38%(1)		05/01/33		80,000		79,868
						281,499
Lodging—1.6%
Hilton Domestic Operating Co., Inc. 3.63%(1)		02/15/32		147,000		129,386
MGM Resorts International 6.50%		04/15/32		101,000		101,233
Studio City Finance Ltd. 5.00%(1)		01/15/29		110,000		100,531
Wyndham Hotels & Resorts, Inc. 4.38%(1)		08/15/28		237,000		227,883
Wynn Macau Ltd. 5.13%(1)		12/15/29		64,000		59,643
						618,676
Machinery-Construction & Mining—0.2%
BWX Technologies, Inc. 4.13%(1)		06/30/28		104,000		98,867
Machinery-Diversified—0.5%
SPX FLOW, Inc. 8.75%(1)		04/01/30		97,000		101,050
TK Elevator Holdco GmbH (Germany) 7.63%(1)		07/15/28		98,000		98,787
						199,837
Media—6.3%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%(1)		01/15/34		484,000		396,270
CSC Holdings LLC 6.50%(1)		02/01/29		725,000		619,969

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Media (Continued)
7.50%(1)		04/01/28	$	110,000	$	81,351
11.75%(1)		01/31/29		14,000		13,947
DirectTV Financing LLC 8.88%(1)		02/01/30		99,000		98,081
DISH DBS Corp.
5.75%(1)		12/01/28		112,000		97,270
7.38%		07/01/28		132,000		95,002
7.75%		07/01/26		30,000		26,270
Gray Media, Inc. 10.50%(1)		07/15/29		57,000		59,692
Midcontinent Communications 8.00%(1)		08/15/32		38,000		39,014
Nexstar Media, Inc. 4.75%(1)		11/01/28		140,000		132,269
Sinclair Television Group, Inc. 8.13%(1),(2)		02/15/33		48,000		48,298
Sirius XM Radio LLC 5.50%(1)		07/01/29		247,000		240,798
Univision Communications, Inc. 8.50%(1)		07/31/31		139,000		139,556
Virgin Media Finance PLC (United Kingdom) 5.00%(1)		07/15/30		116,000		101,169
VZ Secured Financing BV (Netherlands) 5.00%(1)		01/15/32		200,000		178,846
Ziggo Bond Co. BV (Netherlands) 5.13%(1)		02/28/30		110,000		100,146
						2,467,948
Metal Fabricate & Hardware—0.4%
Advanced Drainage Systems, Inc. 6.38%(1)		06/15/30		138,000		139,457
Office/Business Equipment—0.4%
Zebra Technologies Corp. 6.50%(1)		06/01/32		135,000		138,256
Oil & Gas—1.9%
Hilcorp Energy I LP/Hilcorp Finance Co. 6.88%(1)		05/15/34		84,000		81,079
Matador Resources Co. 6.25%(1)		04/15/33		102,000		100,659
Parkland Corp. (Canada) 6.63%(1)		08/15/32		40,000		40,124
SM Energy Co. 6.75%(1)		08/01/29		139,000		139,259
Sunoco LP
7.00%(1)		05/01/29		120,000		124,208
7.25%(1)		05/01/32		74,000		77,344
Transocean Poseidon Ltd. 6.88%(1)		02/01/27		22,800		22,841
Transocean Titan Financing Ltd. 8.38%(1)		02/01/28		120,000		123,053
Vital Energy, Inc. 7.75%(1)		07/31/29		40,000		40,157
						748,724
Oil & Gas Services—1.1%
Archrock Partners LP/Archrock Partners Finance Corp. 6.63%(1)		09/01/32		110,000		111,566
Solaris Midstream Holdings LLC 7.63%(1)		04/01/26		100,000		100,350
USA Compression Partners LP/USA Compression Finance Corp. 7.13%(1)		03/15/29		200,000		204,918
						416,834
Packaging & Containers—2.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%(1)		08/15/26		80,000		70,589
5.25%(1)		08/15/27		99,000		54,473
Clearwater Paper Corp. 4.75%(1)		08/15/28		148,000		140,526
Clydesdale Acquisition Holdings, Inc. 6.88%(1)		01/15/30		59,000		60,067
Graham Packaging Co., Inc. 7.13%(1)		08/15/28		101,000		100,583
Graphic Packaging International LLC 6.38%(1)		07/15/32		195,000		196,993
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. 4.38%(1)		10/15/28		107,000		107,398
Sealed Air Corp. 6.50%(1)		07/15/32		195,000		198,473
Trivium Packaging Finance BV (Netherlands) 8.50%(1)		08/15/27		60,000		60,105
						989,207
Pharmaceuticals—3.3%
1375209 BC Ltd. (Canada) 9.00%(1)		01/30/28		310,000		310,759
180 Medical, Inc. (United Kingdom) 3.88%(1)		10/15/29		109,000		100,867
Bausch Health Cos., Inc. 6.13%(1)		02/01/27		86,000		78,674
Bausch Health Cos., Inc. (Canada) 5.75%(1)		08/15/27		18,000		15,879
CVS Health Corp. 6.75% (5 yr. CMT + 2.516%)(4)		12/10/54		145,000		143,485
Grifols SA (Spain)
3.88%(3)		10/15/28	EUR	100,000		93,377
7.50%(3)		05/01/30	EUR	135,000		146,507
Jazz Securities DAC 4.38%(1)		01/15/29	$	147,000		140,179
Option Care Health, Inc. 4.38%(1)		10/31/29		220,000		205,865
Organon & Co./Organon Foreign Debt Co-Issuer BV 6.75%(1)		05/15/34		61,000		61,410
						1,297,002
Pipelines—4.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 6.63%(1)		02/01/32		98,000		100,330
Buckeye Partners LP
6.75%(1)		02/01/30		75,000		76,366
6.75%		08/15/33		97,000		99,181
Energy Transfer LP 6.63% (3 mo. USD LIBOR + 4.155%)(4),(5)		02/15/28		240,000		237,482
EQM Midstream Partners LP 4.75%(1)		01/15/31		105,000		100,063
Global Partners LP/GLP Finance Corp. 8.25%(1)		01/15/32		117,000		122,283

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Pipelines (Continued)
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13%(1)		02/15/29	$	65,000	$	66,753
8.38%(1)		02/15/32		76,000		78,259
Rockies Express Pipeline LLC 4.95%(1)		07/15/29		63,000		60,563
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%(1)		09/01/31		106,000		102,148
TransMontaigne Partners LP/TLP Finance Corp. 6.13%		02/15/26		170,000		169,204
Venture Global Calcasieu Pass LLC 4.13%(1)		08/15/31		222,000		200,812
Venture Global LNG, Inc.
7.00%(1)		01/15/30		273,000		279,274
9.88%(1)		02/01/32		127,000		139,916
						1,832,634
Real Estate—0.6%
Cushman & Wakefield U.S. Borrower LLC 8.88%(1)		09/01/31		129,000		139,137
Greystar Real Estate Partners LLC 7.75%(1)		09/01/30		94,000		99,641
						238,778
REIT—1.0%
Hudson Pacific Properties LP 3.95%		11/01/27		220,000		201,403
Iron Mountain, Inc. 6.25%(1)		01/15/33		205,000		205,681
						407,084
Retail—8.2%
1011778 BC ULC/New Red Finance, Inc. (Canada) 4.00%(1)		10/15/30		112,000		101,492
Arcos Dorados BV (Brazil) 6.38%(1)		01/29/32		98,000		98,119
Asbury Automotive Group, Inc. 5.00%(1)		02/15/32		109,000		102,055
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC 5.13%(1)		04/15/29		110,000		100,699
Brinker International, Inc. 8.25%(1)		07/15/30		93,000		99,294
eG Global Finance PLC (United Kingdom) 12.00%(1)		11/30/28		35,000		39,291
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%(1)		04/01/26		250,000		249,427
5.88%(1)		04/01/29		328,000		310,088
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%(1)		01/15/29		64,000		60,251
6.75%(1)		01/15/30		79,000		74,529
FirstCash, Inc. 6.88%(1)		03/01/32		236,000		239,667
Group 1 Automotive, Inc. 6.38%(1)		01/15/30		98,000		99,838
LCM Investments Holdings II LLC 8.25%(1)		08/01/31		133,000		139,887
Lithia Motors, Inc. 3.88%(1)		06/01/29		95,000		88,254
Macy’s Retail Holdings LLC 6.13%(1)		03/15/32		42,000		39,806
Michaels Cos., Inc. 5.25%(1)		05/01/28		360,000		280,264
Murphy Oil USA, Inc. 3.75%(1)		02/15/31		160,000		142,677
Papa John’s International, Inc. 3.88%(1)		09/15/29		223,000		202,740
Raising Cane’s Restaurants LLC 9.38%(1)		05/01/29		132,000		141,427
Saks Global Enterprises LLC 11.00%(1)		12/15/29		100,000		95,987
Sally Holdings LLC/Sally Capital, Inc. 6.75%		03/01/32		98,000		98,824
Staples, Inc. 10.75%(1)		09/01/29		61,000		59,839
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%(1)		06/01/31		154,000		140,085
Walgreens Boots Alliance, Inc. 8.13%		08/15/29		60,000		60,691
Yum! Brands, Inc. 5.38%		04/01/32		144,000		140,855
						3,206,086
Software—2.8%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. 8.00%(1)		06/15/29		135,000		130,870
Cloud Software Group, Inc.
8.25%(1)		06/30/32		94,000		97,749
9.00%(1)		09/30/29		60,000		61,476
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 8.75%(1)		05/01/29		165,000		170,534
Open Text Corp. (Canada) 6.90%(1)		12/01/27		134,000		138,683
RingCentral, Inc. 8.50%(1)		08/15/30		133,000		141,314
SS&C Technologies, Inc. 6.50%(1)		06/01/32		193,000		196,341
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 3.88%(1)		02/01/29		165,000		152,044
						1,089,011
Telecommunications—5.0%
Altice Financing SA (Luxembourg)
5.75%(1)		08/15/29		106,000		82,863
9.63%(1)		07/15/27		103,000		95,696
Altice France SA
5.13%(1)		01/15/29		120,000		94,950
5.50%(1)		10/15/29		145,000		115,961
8.13%(1)		02/01/27		80,000		67,142
CommScope LLC 4.75%(1)		09/01/29		125,000		111,425
Consolidated Communications, Inc. 6.50%(1)		10/01/28		155,000		151,686
EchoStar Corp. 10.75%		11/30/29		245,000		264,193
Frontier Communications Holdings LLC
6.75%(1)		05/01/29		141,000		142,328
8.63%(1)		03/15/31		316,000		337,905
Global Switch Finance BV (United Kingdom) 1.38%(3)		10/07/30	EUR	115,000		112,135
Level 3 Financing, Inc. 10.50%(1)		04/15/29		89,000		99,998
Vmed O2 U.K. Financing I PLC (United Kingdom) 7.75%(1)		04/15/32		101,000		102,421
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%(1)		10/01/31		97,000		100,500

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Telecommunication (Continued)
Zayo Group Holdings, Inc. 4.00%(1)		03/01/27	$	65,000	$	61,432
						1,940,635
Total Corporate Bonds (Cost: $31,322,557)						31,421,918
MUNICIPAL BOND —0.3% (Cost: $100,000)
Maricopa County Industrial Development Authority, Revenue Bond 7.38%(1)		10/01/29		100,000		101,860
BANK LOANS—15.3%
Advertising—0.2%
Neptune Bidco U.S., Inc. 2022 USD Term Loan B 9.39% (3 mo. USD Term SOFR + 5.000%)(4)		04/11/29		89,907		75,972
Auto Parts & Equipment—0.5%
First Brands Group LLC 2021 Term Loan 9.55% (3 mo. USD Term SOFR + 5.000%)(4)		03/30/27		193,985		190,832
Beverages—0.2%
Pegasus Bidco BV 2024 Term Loan B 7.77% (3 mo. USD Term SOFR + 3.250%)(4)		07/12/29		83,162		84,097
Commercial Services—0.8%
Belron Finance 2019 LLC 2024 USD Term Loan B 7.27% (3 mo. USD Term SOFR + 2.750%)(4)		10/16/31		65,835		66,485
Kelso Industries LLC Term Loan 10.06% (1 mo. USD Term SOFR + 5.750%)(4),(6)		12/30/29		36,111		35,886
Ryan LLC Term Loan 7.81% (1 mo. USD Term SOFR + 3.500%)(4),(7)		11/14/30		140,250		140,878
VT Topco, Inc. 2024 Term Loan B 7.33% (3 mo. USD Term SOFR + 3.000%)(4)		08/09/30		74,252		75,049
						318,298
Computers—0.8%
Amentum Government Services Holdings LLC 2024 Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(4)		09/29/31		250,000		249,500
Indy U.S. Bidco LLC 2024 USD Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(4)		03/06/28		74,813		75,077
						324,577
Distribution & Wholesale—0.4%
Veritiv Corp. Term Loan B 8.83% (3 mo. USD Term SOFR + 4.500%)(4)		11/30/30		149,250		149,663
Diversified Financial Services—0.5%
Jane Street Group LLC 2024 Term Loan B1 6.40% (3 mo. USD Term SOFR + 2.000%)(4)		12/15/31		193,979		193,927
Electric—0.9%
Alpha Generation LLC Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(4)		09/30/31		109,725		110,466
Edgewater Generation LLC 2024 Term Loan B 8.56% (1 mo. USD Term SOFR + 4.250%)(4)		08/01/30		107,179		108,352
Kestrel Acquisition LLC 2024 Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(4)		11/06/31		65,835		66,322
South Field LLC Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(4)		08/29/31		61,183		61,540
South Field LLC Term Loan C 8.08% (3 mo. USD Term SOFR + 3.750%)(4)		08/29/31		3,814		3,836
						350,516
Electronics—0.2%
TCP Sunbelt Acquisition Co. 2024 Term Loan B 8.77% (3 mo. USD Term SOFR + 4.250%)(4)		10/16/31		65,000		65,637
Engineering & Construction—0.8%
Artera Services LLC 2024 Term Loan 8.83% (3 mo. USD Term SOFR + 4.500%)(4)		02/15/31		138,950		138,204
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(4),(8)		03/31/28		101,553		102,886
Engineering Research & Consulting LLC 2024 Term Loan 9.51% (3 mo. USD Term SOFR + 5.000%)(4)		08/15/31		66,000		66,000
						307,090
Entertainment—1.0%
Light & Wonder International, Inc. 2024 Term Loan 6.55% (1 mo. USD Term SOFR + 2.250%)(4)		04/14/29		139,650		140,422

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Entertainment (Continued)
Ontario Gaming GTA LP Term Loan B 8.58% (3 mo. USD Term SOFR + 4.250%)(4)		08/01/30	$	106,172	$	106,731
Showtime Acquisition LLC 2024 1st Lien Term Loan 9.24% (3 mo. USD Term SOFR + 4.750%)(4)		08/13/31		154,700		155,426
						402,579
Food—0.7%
Chobani LLC 2023 Incremental Term Loan 6.80% (1 mo. USD Term SOFR + 2.500%)(4)		10/25/27		123,750		124,712
United Natural Foods, Inc. 2024 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(4)		05/01/31		153,838		156,433
						281,145
Health Care-Products—0.3%
Auris Luxembourg III SARL 2024 Term Loan B4 8.18% (6 mo. USD Term SOFR + 3.750%)(4)		02/28/29		68,614		69,643
Sotera Health Holdings LLC 2024 Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(4)		05/30/31		49,875		50,103
						119,746
Health Care-Services—1.3%
ADMI Corp. 2023 Term Loan B5 10.06% (1 mo. USD Term SOFR + 5.750%)(4)		12/23/27		64,673		65,482
Heartland Dental LLC 2024 Term Loan 8.81% (1 mo. USD Term SOFR + 4.500%)(4)		04/28/28		74,438		74,882
ModivCare, Inc. 2024 Term Loan B 9.08% (3 mo. USD Term SOFR + 4.750%)(4)		07/01/31		223,875		186,843
ModivCare, Inc. 2025 Incremental Term Loan 0.00%(9)		01/09/26		33,811		33,304
Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan 9.84% (3 mo. USD Term SOFR + 5.500%)(4)		06/20/28		70,000		71,662
Star Parent, Inc. Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(4)		09/27/30		85,009		84,046
						516,219
Insurance—0.3%
Acrisure LLC 2024 1st Lien Term Loan B6 7.31% (1 mo. USD Term SOFR + 3.000%)(4)		11/06/30		24,875		24,967
Asurion LLC 2020 Term Loan B8 7.68% (1 mo. USD Term SOFR + 3.250%)(4)		12/23/26		82,388		82,425
						107,392
Internet—1.5%
Barracuda Networks, Inc. 2022 Term Loan 8.79% (3 mo. USD Term SOFR + 4.500%)(4)		08/15/29		70,000		61,852
Delivery Hero SE 2024 USD Term Loan B 9.52% (3 mo. USD Term SOFR + 5.000%)(4)		12/12/29		69,649		70,328
Magnite, Inc. 2024 Term Loan B 8.06% (1 mo. USD Term SOFR + 3.750%)(4)		02/06/31		390,042		395,649
MH Sub I LLC 2023 Term Loan 8.56% (1 mo. USD Term SOFR + 4.250%)(4)		05/03/28		52,546		52,071
						579,900
Machinery-Diversified—0.2%
ASP Blade Holdings, Inc. Initial Term Loan 8.59% (3 mo. USD Term SOFR + 4.000%)(4)		10/13/28		165,456		86,554
Media—0.2%
Virgin Media Bristol LLC 2023 USD Term Loan Y 7.72% (6 mo. USD Term SOFR + 3.175%)(4)		03/31/31		66,750		65,563
Mining—0.3%
Arsenal AIC Parent LLC 2024 1st Lien Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(4)		08/18/30		98,755		99,372
Office/Business Equipment—0.4%
Xerox Holdings Corp. 2023 Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(4)		11/17/29		171,731		171,088
Oil & Gas—0.3%
WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B 9.08% (3 mo. USD Term SOFR + 4.750%)(4)		06/27/29		99,750		99,985
Packaging & Containers—0.6%
Plaze, Inc. 2020 Incremental Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(4)		08/03/26		81,853		77,512
Proampac PG Borrower LLC 2024 Term Loan 8.52% (3 mo. USD Term SOFR + 4.000%)(4)		09/15/28		171,257		171,863
						249,375

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Pipelines—0.2%
NGL Energy Partners LP 2024 Term Loan B 8.06% (1 mo. USD Term SOFR + 3.750%)(4)		02/03/31	$	69,649	$	70,060
REIT—0.9%
OEG Borrower LLC 2024 Term Loan B 7.85% (3 mo. USD Term SOFR + 3.500%)(4)		06/30/31		99,750		100,000
SBA Senior Finance II LLC 2024 Term Loan B 6.07% (1 mo. USD Term SOFR + 1.750%)(4)		01/25/31		255,420		255,959
						355,959
Retail—0.7%
1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 6.06% (1 mo. USD Term SOFR + 1.750%)(4)		09/20/30		114,425		114,211
Tacala LLC 2024 Term Loan 7.81% (1 mo. USD Term SOFR + 3.500%)(4)		01/31/31		138,952		140,905
						255,116
Software—1.1%
Boxer Parent Co., Inc. 2024 2nd Lien Term Loan 10.04% (3 mo. USD Term SOFR + 5.750%)(4)		07/30/32		50,000		49,703
Boxer Parent Co., Inc. 2024 USD Term Loan B 7.29% (3 mo. USD Term SOFR + 3.000%)(4)		07/30/31		50,000		50,274
DTI Holdco, Inc. 2022 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(4)		04/26/29		149,237		150,713
EagleView Technology Corp. 2018 Add On Term Loan B 8.09% (3 mo. USD Term SOFR + 3.500%)(4)		08/14/25		189,974		181,881
						432,571
Total Bank Loans (Cost: $6,022,196)						5,953,233
Total Fixed Income Securities (Cost: $37,444,753)						37,477,011
CONVERTIBLE SECURITIES (0.2% )
CONVERTIBLE CORPORATE BONDS—0.2% (Cost: $62,406)
Commercial Services—0.2%
Worldline SA (France) 0.00%(3),(10)		07/30/26		61,920		62,345
Total Convertible Securities (Cost: $62,406)						62,345
			Shares
MONEY MARKET INVESTMENTS—2.6%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(11)				411,289		411,289
TCW Central Cash Fund, 4.36%(11),(12)				612,742		612,742
Total Money Market Investments (Cost: $1,024,031)						1,024,031
WARRANTS—0.0%
Cineworld Group PLC(13),(14)				42,717		—
Total Investments (99.1%) (Cost: $38,531,190)						38,563,387
Net unrealized appreciation on unfunded commitments—0.0%						62
Excess Of Other Assets Over Liabilities (0.9%)						350,815
Net Assets (100.0%)					$	38,914,264

TCW High Yield Bond ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL(15)
Citibank N.A.		EUR		785,000		04/11/25	$	804,500	$	818,662	$	(14,162	)

FUTURES CONTRACTS
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
1	10-Year Ultra Futures		03/20/25	$	109,767		$	111,375		$	1,608
30	2-Year U.S. Treasury Note Futures		03/31/25		6,166,089			6,168,750			2,661
				$	6,275,856		$	6,280,125		$	4,269
Short Futures
22	5-Year U.S. Treasury Note Futures		03/31/25	$	(2,340,316	)	$	(2,340,594	)	$	(278	)
1	Euro SCHWATZ Futures		03/6/25		(111,405	)		(110,810	)		595
3	Euro-Bobl Future		03/6/25		(371,782	)		(365,466	)		6,316
				$	(2,823,503	)	$	(2,816,870	)	$	6,633

Notes to the Schedule of Investments:
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
EUR	Euro Currency.
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $27,495,611 or 70.7% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Trustees.
(2)	This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(3)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2025, the value of these securities amounted to $603,470 or 1.6% of net assets.
(4)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(5)	Perpetual maturity.
(6)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $13,889, at an interest rate of 10.06% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 1.00% per annum
(7)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $9,524, at an interest rate of 7.90% and a maturity of November 14, 2030. The investment is accruing an unused commitment fee of 3.50% per annum.
(8)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $8,185, at an interest rate of 8.18% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.75% per annum.
(9)	This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(10)	Security is not accruing interest.
(11)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(12)	Affiliated issuer.
(13)	Non-income producing security.
(14)	For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(15)	Fund sells foreign currency, buys U.S. Dollar.

TCW High Yield Bond ETF
Schedule of Investments (Continued)

The summary of the TCW High Yield Bond ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	3,812,742	$	3,200,000		612,742	$	612,742	$	15,861	$	—	$	—	$	—
Total									$	612,742	$	15,861	$	—	$	—	$	—

TCW High Yield Bond ETF

Investments by Sector (Unaudited) January 31, 2025

Sector	Percentage of Net Assets
Corporate Bonds		80.7	%
Bank Loans		15.3
Money Market Investments		2.6
Municipal Bonds		0.3
Convertible Corporate Bonds		0.2
Warrants		0.0	**
Other*		0.9
Total		100.0	%

* Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

** Amount rounds to less than 0.1%.

TCW High Yield Bond ETF

Fair Valuation Summary (Unaudited) January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—		$	31,421,918		$	—	$	31,421,918
Bank Loans*		—			5,953,233			—		5,953,233
Municipal Bonds		—			101,860			—		101,860
Unfunded Commitments Appreciation		—			62			—		62
Total Fixed Income Securities		—			37,477,073			—		37,477,073
Money Market Investments		1,024,031			—			—		1,024,031
Convertible Corporate Bonds*		—			62,345			—		62,345
Warrants		—			—			—		—
Total Investments	$	1,024,031		$	37,539,418		$	—	$	38,563,449
Asset Derivatives
Futures Contracts
Interest Rate Risk		11,180			—			—		11,180
Total	$	1,035,211		$	37,539,418		$	—	$	38,574,629
Liability Derivatives
Forward Currency Contracts
Forward Currency Exchange Contracts	$	—		$	(14,162	)	$	—	$	(14,162	)
Futures Contracts
Interest Rate Risk		(278	)		—			—		(278	)
Total	$	(278	)	$	(14,162	)	$	—	$	(14,440	)

* See Schedule of Investments for corresponding industries.

TCW Multisector Credit Income ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—89.3% of Net Assets
CORPORATE BONDS—44.4%
Advertising—0.1%
Neptune Bidco U.S., Inc. 9.29%(1)		04/15/29	$	79,000	$	67,385
Aerospace/Defense—0.3%
TransDigm, Inc. 6.88%(1)		12/15/30		166,000		170,208
Airlines—0.7%
Air Baltic Corp. AS (Latvia) 14.50%(2)		08/14/29	EUR	282,000		326,924
Apparel—0.1%
Crocs, Inc. 4.13%(1)		08/15/31	$	85,000		74,831
Auto Manufacturers—0.1%
Allison Transmission, Inc. 3.75%(1)		01/30/31		83,000		74,223
Banks—3.5%
Akbank TAS 9.37% (5 yr. CMT + 5.270%)(1),(3),(4)		03/14/29		253,000		261,946
Banco Mercantil del Norte SA (Mexico) 8.38% (5 yr. CMT + 4.072%)(1),(3),(4)		05/20/31		204,000		202,560
Bank of America Corp. 2.30% (1 day USD SOFR + 1.220%)(3)		07/21/32		125,000		105,188
BBVA Bancomer SA 5.13% (5 yr. CMT + 2.65%)(2),(3)		01/18/33		214,000		200,176
HSBC Holdings PLC (United Kingdom) 2.80% (1 day USD SOFR + 1.187%)(3)		05/24/32		100,000		85,856
JPMorgan Chase & Co. 1.95% (1 day USD SOFR + 1.065%)(3)		02/04/32		125,000		104,746
PNC Financial Services Group, Inc. 5.07% (1 day USD SOFR + 1.933%)(3)		01/24/34		100,000		97,927
Turkiye Vakiflar Bankasi TAO 10.12% (5 yr. CMT + 5.493%)(1),(3),(4)		04/24/29		200,000		211,060
U.S. Bancorp 4.84% (1 day USD SOFR + 1.600%)(3)		02/01/34		100,000		95,968
Wells Fargo & Co. 3.35% (1 day USD SOFR + 1.500%)(3)		03/02/33		125,000		110,332
Yapi ve Kredi Bankasi AS 9.74% (5 yr. CMT + 5.499%)(1),(3),(4)		04/04/29		251,000		262,473
						1,738,232
Beverages—0.6%
Anheuser-Busch InBev SA (Belgium) 3.95%(2)		03/22/44	EUR	100,000		105,560
Triton Water Holdings, Inc. 6.25%(1)		04/01/29	$	174,000		172,886
						278,446
Chemicals—1.5%
Axalta Coating Systems Dutch Holding B BV 7.25%(1)		02/15/31		119,000		124,132
International Flavors & Fragrances, Inc. 2.30%(1)		11/01/30		125,000		106,610
OCP SA 6.75%(1)		05/02/34		259,000		264,115
SCIH Salt Holdings, Inc. 4.88%(1)		05/01/28		79,000		76,695
SK Invictus Intermediate II SARL (Luxembourg) 5.00%(1)		10/30/29		128,000		121,434
WR Grace Holdings LLC 5.63%(1)		08/15/29		80,000		74,704
						767,690
Commercial Services—2.0%
Adtalem Global Education, Inc. 5.50%(1)		03/01/28		75,000		73,939
Block, Inc. 3.50%		06/01/31		138,000		122,867
Carriage Services, Inc. 4.25%(1)		05/15/29		135,000		123,848
Deluxe Corp. 8.13%(1)		09/15/29		75,000		77,268
Upbound Group, Inc. 6.38%(1)		02/15/29		177,000		173,651
Valvoline, Inc. 3.63%(1)		06/15/31		85,000		73,892
Veritiv Operating Co. 10.50%(1)		11/30/30		157,000		170,797
VT Topco, Inc. 8.50%(1)		08/15/30		116,000		123,095
WASH Multifamily Acquisition, Inc. 5.75%(1)		04/15/26		75,000		75,012
						1,014,369
Computers—0.4%
Amentum Holdings, Inc. 7.25%(1)		08/01/32		72,000		73,037
NCR Voyix Corp. 5.13%(1)		04/15/29		129,000		123,174
						196,211
Cosmetics/Personal Care—0.4%
Perrigo Finance Unlimited Co. 6.13%		09/30/32		75,000		73,609
Prestige Brands, Inc. 3.75%(1)		04/01/31		139,000		123,791
						197,400
Diversified Financial Services—0.6%
GGAM Finance Ltd. (Ireland) 8.00%(1)		06/15/28		160,000		168,857
Jane Street Group/JSG Finance, Inc. 7.13%(1)		04/30/31		119,000		123,063
						291,920
Electric—4.4%
AES Andes SA 8.15% (5 yr. CMT + 3.835%)(1),(3)		06/10/55		200,000		204,962
Alpha Generation LLC 6.75%(1)		10/15/32		122,000		123,382
Black Hills Corp. 6.15%		05/15/34		125,000		129,844

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Electric (Continued)
Duke Energy Corp. 3.75%		04/01/31	EUR	100,000	$	105,522
Eskom Holdings SOC Ltd. (South Africa) 6.35%(1)		08/10/28	$	201,000		199,641
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%(1)		01/31/41		198,850		193,286
MVM Energetika Zrt (Hungary) 6.50%(2)		03/13/31		329,000		332,613
Pike Corp. 8.63%(1)		01/31/31		160,000		170,875
Southwestern Electric Power Co. 5.30%		04/01/33		125,000		123,654
Termocandelaria Power SA 7.75%(1)		09/17/31		263,000		266,869
Zorlu Enerji Elektrik Uretim AS 11.00%(1)		04/23/30		334,000		341,565
						2,192,213
Electrical Components & Equipment—0.1%
Energizer Holdings, Inc. 4.38%(1)		03/31/29		79,000		73,954
Electronics—0.1%
Coherent Corp. 5.00%(1)		12/15/29		76,000		73,247
Energy-Alternate Sources—0.5%
Greenko Power II Ltd. (India) 4.30%(2)		12/13/28		272,210		255,635
Entertainment—1.8%
Banijay Entertainment SAS (France) 8.13%(1)		05/01/29		72,000		74,834
Caesars Entertainment, Inc. 4.63%(1)		10/15/29		80,000		75,522
Churchill Downs, Inc. 6.75%(1)		05/01/31		73,000		74,391
Cinemark USA, Inc. 7.00%(1)		08/01/32		71,000		73,048
Everi Holdings, Inc. 5.00%(1)		07/15/29		74,000		74,337
Great Canadian Gaming Corp. 8.75%(1)		11/15/29		72,000		74,786
Light & Wonder International, Inc. 7.50%(1)		09/01/31		71,000		74,008
Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) 8.00%(1)		08/01/30		118,000		122,265
WarnerMedia Holdings, Inc. 5.14%		03/15/52		225,000		167,942
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 6.25%(1)		03/15/33		75,000		74,358
						885,491
Environmental Control—0.3%
Waste Pro USA, Inc. 7.00%(1)		02/01/33		125,000		126,429
Food—1.1%
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 6.50%		12/01/52		75,000		76,534
Minerva Luxembourg SA 8.88%(1)		09/13/33		200,000		210,700
Pilgrim’s Pride Corp. 6.88%		05/15/34		75,000		80,279
Post Holdings, Inc. 6.38%(1)		03/01/33		174,000		171,543
						539,056
Gas—0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%		08/20/26		17,000		16,896
9.38%(1)		06/01/28		15,000		14,905
Brooklyn Union Gas Co. 6.39%(1)		09/15/33		150,000		156,509
National Gas Transmission PLC (United Kingdom) 4.25%(2)		04/05/30	EUR	100,000		107,790
						296,100
Health Care-Products—0.4%
Bausch & Lomb Corp. 8.38%(1)		10/01/28	$	117,000		122,656
Teleflex, Inc. 4.25%(1)		06/01/28		77,000		74,112
						196,768
Health Care-Services—2.1%
Centene Corp. 3.38%		02/15/30		125,000		112,096
HAH Group Holding Co. LLC 9.75%(1)		10/01/31		72,000		72,521
HealthEquity, Inc. 4.50%(1)		10/01/29		78,000		73,691
Kedrion SpA (Italy) 6.50%(1)		09/01/29		180,000		171,762
ModivCare, Inc. 5.00%(1)		10/01/29		246,000		168,510
Molina Healthcare, Inc. 6.25%(1)		01/15/33		125,000		124,158
Prime Healthcare Services, Inc. 9.38%(1)		09/01/29		119,000		113,515
Surgery Center Holdings, Inc. 7.25%(1)		04/15/32		73,000		72,878
Tenet Healthcare Corp. 6.75%		05/15/31		122,000		124,898
						1,034,029
Household Products/Wares—0.6%
Central Garden & Pet Co. 4.13%(1)		04/30/31		222,000		199,438
Spectrum Brands, Inc. 3.88%(1)		03/15/31		142,000		122,484
						321,922
Insurance—1.7%
Acrisure LLC/Acrisure Finance, Inc.
7.50%(1)		11/06/30		122,000		126,147
8.25%(1)		02/01/29		72,000		74,818
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.00%(1)		01/15/31		120,000		122,272
7.38%(1)		10/01/32		74,000		75,675
AmWINS Group, Inc. 4.88%(1)		06/30/29		78,000		74,355
AssuredPartners, Inc. 7.50%(1)		02/15/32		72,000		77,891
Farmers Exchange Capital II 6.15% (3 mo. USD Term SOFR + 4.006%)(1),(3)		11/01/53		200,000		190,164

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
HUB International Ltd. 7.38%(1)		01/31/32	$	119,000	$	122,497
						863,819
Internet—0.1%
Cogent Communications Group, Inc./Cogent Communications Finance, Inc. 7.00%(1)		06/15/27		72,000		72,822
Iron & Steel—1.3%
ATI, Inc. 7.25%		08/15/30		47,000		48,813
CSN Resources SA 8.88%(1)		12/05/30		255,000		252,369
Samarco Mineracao SA 9.00%(1),(5)		06/30/31		352,362		340,769
						641,951
Lodging—0.4%
Hilton Domestic Operating Co., Inc. 3.63%(1)		02/15/32		140,000		123,225
Wyndham Hotels & Resorts, Inc. 4.38%(1)		08/15/28		77,000		74,038
						197,263
Machinery-Diversified—0.1%
TK Elevator U.S. Newco, Inc. (Germany) 5.25%(1)		07/15/27		75,000		74,216
Media—1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.90%		06/01/52		260,000		167,081
CSC Holdings LLC
7.50%(1)		04/01/28		33,000		24,405
11.75%(1)		01/31/29		147,000		146,447
DISH Network Corp. 11.75%(1)		11/15/27		118,000		124,678
Nexstar Media, Inc. 4.75%(1)		11/01/28		79,000		74,638
Sirius XM Radio LLC 3.88%(1)		09/01/31		86,000		74,140
VZ Secured Financing BV (Netherlands) 5.00%(1)		01/15/32		191,000		170,798
						782,187
Mining—1.4%
Cia de Minas Buenaventura SAA 5.50%(2)		07/23/26		202,000		200,716
First Quantum Minerals Ltd. (Zambia) 8.63%(2)		06/01/31		320,000		328,915
Volcan Cia Minera SAA (Peru) 8.75%(2)		01/24/30		173,000		165,080
						694,711
Municipal Bonds—0.6%
Istanbul Metropolitan Municipality 10.50%(1)		12/06/28		296,000		320,852
Oil & Gas—3.1%
Energean Israel Finance Ltd. 5.38%(2)		03/30/28		369,279		354,179
Gran Tierra Energy, Inc. (Colombia) 9.50%(2)		10/15/29		355,000		337,609
Leviathan Bond Ltd. (Israel) 6.75%(2)		06/30/30		212,490		208,230
Petroleos Mexicanos 5.95%		01/28/31		386,000		324,147
SM Energy Co. 7.00%(1)		08/01/32		73,000		72,993
Sunoco LP/Sunoco Finance Corp. 7.00%(1)		09/15/28		120,000		123,601
Transocean Titan Financing Ltd. 8.38%(1)		02/01/28		118,000		121,002
						1,541,761
Oil & Gas Services—0.6%
Archrock Partners LP/Archrock Partners Finance Corp. 6.63%(1)		09/01/32		121,000		122,723
Kodiak Gas Services LLC 7.25%(1)		02/15/29		71,000		73,183
USA Compression Partners LP/USA Compression Finance
Corp. 7.13%(1)		03/15/29		121,000		123,975
						319,881
Packaging & Containers—1.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.13%(1)		08/15/26		86,000		75,884
Clearwater Paper Corp. 4.75%(1)		08/15/28		183,000		173,759
Graham Packaging Co., Inc. 7.13%(1)		08/15/28		75,000		74,690
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. 4.38%(1)		10/15/28		79,000		79,294
Sealed Air Corp./Sealed Air Corp. U.S. 7.25%(1)		02/15/31		120,000		124,946
						528,573
Pharmaceuticals—1.6%
1375209 BC Ltd. (Canada) 9.00%(1)		01/30/28		125,000		125,306
Bayer U.S. Finance II LLC (Germany) 4.40%(1)		07/15/44		107,000		80,525
Bayer U.S. Finance LLC (Germany) 6.88%(1)		11/21/53		175,000		178,533
CVS Health Corp. 6.75% (5 yr. CMT + 2.516%)(3)		12/10/54		75,000		74,216
Grifols SA (Spain) 4.75%(1)		10/15/28		180,000		166,684
Option Care Health, Inc. 4.38%(1)		10/31/29		81,000		75,796
Teva Pharmaceutical Finance Netherlands III BV (Israel) 8.13%		09/15/31		110,000		123,252
						824,312
Pipelines—1.6%
Global Partners LP/GLP Finance Corp. 6.88%		01/15/29		122,000		123,729
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.38%(1)		02/15/32		122,000		125,627
Rockies Express Pipeline LLC 4.80%(1)		05/15/30		80,000		75,451
TransMontaigne Partners LP/TLP Finance Corp. 6.13%		02/15/26		124,000		123,420
Venture Global Calcasieu Pass LLC 4.13%(1)		08/15/31		190,000		171,866
Venture Global LNG, Inc. 9.88%(1)		02/01/32		153,000		168,560
						788,653

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Real Estate—0.2%
Cushman & Wakefield U.S. Borrower LLC 8.88%(1)		09/01/31	$	114,000	$	122,958
REIT—1.3%
GLP Capital LP/GLP Financing II, Inc. 4.00%		01/15/30		125,000		117,059
Healthcare Realty Holdings LP 2.40%		03/15/30		100,000		86,375
Hudson Pacific Properties LP 3.95%		11/01/27		194,000		177,601
Iron Mountain, Inc. (REIT) 5.63%(1)		07/15/32		76,000		73,354
Prologis Euro Finance LLC (REIT) 4.00%		05/05/34	EUR	100,000		106,752
Realty Income Corp. 5.13%		07/06/34	EUR	100,000		114,773
						675,914
Retail—2.5%
1011778 BC ULC/New Red Finance, Inc. (Canada) 4.00%(1)		10/15/30	$	83,000		75,213
Asbury Automotive Group, Inc. 5.00%(1)		02/15/32		81,000		75,839
Ferrellgas LP/Ferrellgas Finance Corp. 5.88%(1)		04/01/29		186,000		175,842
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.75%(1)		01/15/30		132,000		124,529
FirstCash, Inc. 6.88%(1)		03/01/32		121,000		122,880
LCM Investments Holdings II LLC 8.25%(1)		08/01/31		117,000		123,058
Lithia Motors, Inc. 3.88%(1)		06/01/29		133,000		123,556
Papa John’s International, Inc. 3.88%(1)		09/15/29		271,000		246,380
Saks Global Enterprises LLC 11.00%(1)		12/15/29		50,000		47,993
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%(1)		06/01/31		134,000		121,892
						1,237,182
Software—0.8%
Cloud Software Group, Inc. 8.25%(1)		06/30/32		70,000		72,792
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 8.75%(1)		05/01/29		72,000		74,415
RingCentral, Inc. 8.50%(1)		08/15/30		114,000		121,126
SS&C Technologies, Inc. 6.50%(1)		06/01/32		71,000		72,229
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 3.88%(1)		02/01/29		81,000		74,640
						415,202
Telecommunications—2.1%
Altice Financing SA (Luxembourg)
5.75%(1)		08/15/29		70,000		54,721
9.63%(1)		07/15/27		76,000		70,611
Altice France SA 8.13%(1)		02/01/27		145,000		121,696
Consolidated Communications, Inc. 6.50%(1)		10/01/28		128,000		125,263
Frontier Communications Holdings LLC
6.75%(1)		05/01/29		173,000		174,630
8.63%(1)		03/15/31		160,000		171,091
Global Switch Finance BV (United Kingdom) 1.38%(2)		10/07/30	EUR	100,000		97,508
Telecom Argentina SA (Argentina) 9.50%(1)		07/18/31	$	251,000		260,957
						1,076,477
Total Corporate Bonds (Cost: $22,345,165)						22,371,417
MUNICIPAL BOND—0.2% (Cost: $75,000)
Maricopa County Industrial Development Authority, Revenue Bond 7.38%(1)		10/01/29		75,000		76,395
FOREIGN GOVERNMENT BONDS—12.3%
Angola Government International Bonds 8.75%(2)		04/14/32		370,000		329,060
Argentina Republic Government International Bonds 4.13%		07/09/35		266,529		181,280
Bahrain Government International Bonds 6.75%(1)		09/20/29		328,000		334,363
Brazil Government International Bonds 7.13%		05/13/54		345,000		326,581
Colombia Government International Bonds 4.13%		05/15/51		460,000		265,452
Dominican Republic International Bonds 5.88%(2)		01/30/60		305,000		263,724
Ecuador Government International Bonds 5.50%(2)		07/31/35		239,849		157,396
Egypt Government International Bonds 5.88%(1)		02/16/31		396,000		338,849
El Salvador Government International Bonds 9.50%(2)		07/15/52		161,000		169,639
Finance Department Government of Sharjah 4.00%(2)		07/28/50		397,000		255,390
Gabon Government International Bonds 6.63%(1)		02/06/31		203,000		160,782
Guatemala Government Bonds 6.60% (1)		06/13/36		263,000		260,286
Israel Government International Bonds 5.75%		03/12/54		289,000		267,617
Ivory Coast Government International Bonds 6.13%(1)		06/15/33		288,000		258,379
Jordan Government International Bonds 7.75%(1)		01/15/28		256,000		260,242
Mexico Government International Bonds 4.40%		02/12/52		282,000		191,475
Nigeria Government International Bonds 7.70%(1)		02/23/38		201,000		166,921
Oman Government International Bonds 6.25%(1)		01/25/31		200,000		206,846
Pakistan Government International Bonds 7.38%(1)		04/08/31		200,000		173,590
Panama Government International Bonds 6.40%		02/14/35		210,000		194,676
Republic of Kenya Government International Bonds 6.30%(1)		01/23/34		412,000		328,224
Republic of South Africa Government International Bonds 5.88%		06/22/30		204,000		197,048
Romania Government International Bonds 7.63%(2)		01/17/53		186,000		185,961
Senegal Government International Bonds 6.25%(1)		05/23/33		387,000		319,120
Turkiye Government International Bonds 9.38%		01/19/33		200,000		226,252

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
Ukraine Government International Bonds 3.00%(1)		02/01/34	$	418,000	$	181,011
Total Foreign Government Bonds (Cost: $6,168,043)						6,200,164
ASSET-BACKED SECURITIES—7.9%
AMMC CLO 30 Ltd. Series 2024-30A, Class A1 5.98% (3 mo. USD Term SOFR + 1.680%)(1),(3)		01/15/37		250,000		252,037
ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 5.62% (3 mo. USD Term SOFR + 1.320%)(1),(3)		04/17/33		250,000		250,547
Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR 6.05% (3 mo. USD Term SOFR + 1.750%)(1),(3)		07/15/37		225,000		227,657
Captree Park CLO Ltd. Series 2024-1A, Class B1 6.19% (3 mo. USD Term SOFR + 1.900%)(1),(3)		07/20/37		250,000		252,290
CIFC Funding Ltd. Series 2023-3A, Class B 6.59% (3 mo. USD Term SOFR + 2.300%)(1),(3)		01/20/37		250,000		252,511
Dryden 42 Senior Loan Fund Series 2016-42A, Class BRR 6.15% (3 mo. USD Term SOFR + 1.850%)(1),(3)		07/15/37		250,000		251,814
GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR 5.37% (3 mo. USD Term SOFR + 1.080%)(1),(3)		10/20/34		250,000		250,377
GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R 5.94% (3 mo. USD Term SOFR + 1.650%)(1),(3)		07/20/37		250,000		251,977
Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B 6.41% (3 mo. USD Term SOFR + 1.670%)(1),(3)		10/25/37		250,000		251,162
Invesco U.S. CLO Ltd. Series 2023-1A, Class BR 6.34% (3 mo. USD Term SOFR + 2.050%)(1),(3)		04/22/37		250,000		252,828
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 5.83% (3 mo. USD Term SOFR + 1.530%)(1),(3)		04/15/37		250,000		251,780
Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A, Class BR 5.89% (3 mo. USD Term SOFR + 1.600%)(1),(3)		10/23/36		250,000		250,712
OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R 6.29% (3 mo. USD Term SOFR + 2.000%)(1),(3)		04/20/37		250,000		250,881
Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR 5.38% (3 mo. USD Term SOFR + 1.090%)(1),(3)		01/20/36		250,000		250,325
Rockford Tower CLO Ltd. Series 2022-2A, Class BR 6.79% (3 mo. USD Term SOFR + 2.500%)(1),(3)		10/20/35		250,000		252,934
Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 5.44% (3 mo. USD Term SOFR + 1.150%)(1),(3)		10/20/34		250,000		250,343
Total Asset-backed Securities (Cost: $3,999,193)						4,000,175
BANK LOANS—24.5%
Aerospace/Defense—0.5%
Air Comm Corp. LLC 2024 Term Loan 7.40% (3 mo. USD Term SOFR + 3.000%)(3),(6)		11/21/31		230,769		231,852
Airlines—0.5%
Air Canada 2024 Term Loan B 6.34% (3 mo. USD Term SOFR + 2.000%)(3)		03/21/31		249,372		251,281
Commercial Services—2.5%
Archkey Solutions LLC 2024 Term Loan B 9.09% (1 mo. USD Term SOFR + 4.750%)(3),(7)		10/10/31		224,138		225,539
Crisis Prevention Institute, Inc. 2024 Term Loan B 8.31% (1 mo. USD Term SOFR + 4.000%)(3)		04/09/31		250,000		251,459
Holding Socotec SAS 2024 Term Loan B 0.00%(8)		06/30/28		125,000		126,250
Priority Holdings LLC 2024 Term Loan B 9.06% (1 mo. USD Term SOFR + 4.750%)(3)		05/16/31		249,373		250,568
Trans Union LLC 2024 Term Loan B9 6.06% (1 mo. USD Term SOFR + 1.750%)(3)		06/24/31		125,000		125,192
TruGreen LP 2020 Term Loan 8.41% (1 mo. USD Term SOFR + 4.000%)(3)		11/02/27		299,221		291,312
						1,270,320
Computers—0.5%
Surf Holdings LLC Term Loan 0.00%(8)		03/05/27		250,000		252,309
Distribution & Wholesale—0.5%
Veritiv Corp. Term Loan B 8.83% (3 mo. USD Term SOFR + 4.500%)(3)		11/30/30		249,373		250,064
Diversified Financial Services—1.4%
Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 6.05% (1 mo. USD Term SOFR + 1.750%)(3)		06/24/30		350,000		350,394
Dechra Pharmaceuticals Holdings Ltd. Term Loan B 0.00%(8)		12/04/31		125,000		125,879

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Diversified Financial Services (Continued)
Guggenheim Partners LLC 2024 Term Loan B 6.83% (3 mo. USD Term SOFR + 2.500%)(3)		11/21/31	$	250,000	$	251,589
						727,862
Electric—2.2%
EFS Cogen Holdings I LLC 2020 Term Loan B 7.81% (3 mo. USD Term SOFR + 3.500%)(3)		10/03/31		248,750		250,482
Hamilton Projects Acquiror LLC 2024 Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(3)		05/22/31		104,362		105,361
Potomac Energy Center LLC Term Loan 0.00%(8)		11/12/26		250,000		251,875
Red Oak Power LLC Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(3)		10/01/30		174,563		175,509
South Field LLC Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(3)		08/29/31		324,458		326,351
South Field LLC Term Loan C 8.08% (3 mo. USD Term SOFR + 3.750%)(3)		08/29/31		20,226		20,344
						1,129,922
Engineering & Construction—1.7%
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(3)		03/31/28		249,356		252,630
Legence Holdings LLC 2021 Term Loan 7.91% (1 mo. USD Term SOFR + 3.500%)(3)		12/16/27		249,356		250,862
Wrench Group LLC 2019 Term Loan B 8.59% (3 mo. USD Term SOFR + 4.000%)(3)		10/30/28		349,121		337,919
						841,411
Entertainment—1.1%
Caesars Entertainment, Inc. 2024 1st Lien Term Loan B 0.00%(8)		02/06/30		300,000		301,376
Caesars Entertainment, Inc. Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(3)		02/06/30		261,111		262,308
						563,684
Environmental Control—0.7%
Tidal Waste & Recycling Holdings LLC Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(3)		10/24/31		350,000		353,335
Food—1.3%
1440 Foods Topco LLC Term Loan B 9.31% (1 mo. USD Term SOFR + 5.000%)(3)		10/31/31		125,000		120,625
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(3)		10/01/25		124,668		122,565
BCPE North Star U.S. HoldCo 2, Inc. Term Loan 8.43% (1 mo. USD Term SOFR + 4.000%)(3)		06/09/28		149,614		146,076
United Natural Foods, Inc. 2024 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(3)		05/01/31		249,372		253,580
						642,846
Forest Products & Paper—0.5%
Glatfelter Corp. Term Loan B 8.76% (3 mo. USD Term SOFR + 4.250%)(3)		11/04/31		250,000		251,641
Health Care-Products—0.3%
Curia Global, Inc. 2021 Term Loan 8.16% (1 mo. USD Term SOFR + 3.750%)(3)		08/30/26		149,612		143,332
Health Care-Services—2.3%
Heartland Dental LLC 2024 Term Loan 8.81% (1 mo. USD Term SOFR + 4.500%)(3)		04/28/28		349,121		351,203
Help At Home, Inc. 2024 Term Loan B 9.31% (1 mo. USD Term SOFR + 5.000%)(3)		09/24/31		350,000		351,799
ModivCare, Inc. 2025 Incremental Term Loan 0.00%(8)		01/09/26		43,347		42,697
NAPA Management Services Corp. Term Loan B 9.66% (1 mo. USD Term SOFR + 5.250%)(3)		02/23/29		174,551		164,079
Star Parent, Inc. Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(3)		09/27/30		249,372		246,549
						1,156,327
Internet—0.7%
Delivery Hero SE 2024 USD Term Loan B 9.52% (3 mo. USD Term SOFR + 5.000%)(3)		12/12/29		349,121		352,525
Machinery-Construction & Mining—0.5%
WEC U.S. Holdings Ltd. 2024 Term Loan 6.59% (1 mo. USD Term SOFR + 2.250%)(3)		01/27/31		250,000		251,000
Machinery-Diversified—0.5%
Arcline FM Holdings LLC 2024 Term Loan 9.57% (3 mo. USD Term SOFR + 4.500%)(3)		06/23/28		249,375		250,185

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Media—1.5%
Charter Communications Operating LLC 2024 Term Loan B5 6.56% (3 mo. USD Term SOFR + 2.250%)(3)		12/15/31	$	125,000	$	125,024
Telenet Financing USD LLC 2020 USD Term Loan AR 6.42% (1 mo. USD Term SOFR + 2.000%)(3)		04/30/28		300,000		293,688
Virgin Media Bristol LLC USD Term Loan N 6.92% (1 mo. USD Term SOFR + 2.500%)(3)		01/31/28		350,000		345,187
						763,899
Office/Business Equipment—0.7%
Xerox Holdings Corp. 2023 Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(3)		11/17/29		370,130		368,744
Oil & Gas—0.4%
WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B 9.08% (3 mo. USD Term SOFR + 4.750%)(3)		06/27/29		174,563		174,974
Pharmaceuticals—0.3%
Gainwell Acquisition Corp. Term Loan B 8.43% (3 mo. USD Term SOFR + 4.000%)(3)		10/01/27		149,610		142,840
Retail—0.5%
Lakeshore Intermediate LLC Term Loan 7.93% (1 mo. USD Term SOFR + 3.500%)(3)		09/29/28		249,357		245,904
Software—2.9%
Cast & Crew Payroll LLC 2021 Incremental Term Loan 8.06% (1 mo. USD Term SOFR + 3.750%)(3)		12/29/28		124,679		118,289
Cloud Software Group, Inc. 2024 USD Term Loan 8.08% (3 mo. USD Term SOFR + 3.750%)(3)		03/21/31		250,000		252,041
Open Text Corp. 2023 Term Loan B 6.06% (1 mo. USD Term SOFR + 1.750%)(3)		01/31/30		348,582		349,434
Press Ganey Holdings, Inc. 2024 1st Lien Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(3)		04/30/31		249,375		250,322
Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B 0.00%(8)		10/28/30		250,000		252,721
Renaissance Holdings Corp. 2024 1st Lien Term Loan 8.31% (1 mo. USD Term SOFR + 4.000%)(3)		04/05/30		249,370		249,456
						1,472,263
Telecommunications—0.5%
Consolidated Communications, Inc. 2021 Term Loan B 7.93% (1 mo. USD Term SOFR + 3.500%)(3)		10/02/27		250,000		249,184
Total Bank Loans (Cost: $12,305,136)						12,337,704
Total Fixed Income Securities (Cost: $44,892,537)						44,985,855
CONVERTIBLE SECURITIES (0.2% )
CONVERTIBLE CORPORATE BONDS—0.2% (Cost: $76,025)
Commercial Services—0.2%
Worldline SA (France) 0.00%(2),(9)		07/30/26		77,400		77,931
Total Convertible Securities (Cost: $76,025)						77,931
			Shares
MONEY MARKET INVESTMENTS—14.8%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(10)				247,603		247,603
TCW Central Cash Fund, 4.36%(10),(11)				7,210,000		7,210,000
Total Money Market Investments (Cost: $7,457,603)						7,457,603
Total Investments (104.3%) (Cost: $52,426,165)						52,521,389
Net unrealized appreciation on unfunded commitments—0.0%						252
Liabilities In Excess Of Other Assets (-4.3%)						(2,156,118	)
Net Assets (100.0%)					$	50,365,523

TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

FORWARD CURRENCY EXCHANGE CONTRACTS ((2.1)%)
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL (12)
Goldman Sachs & Co.		EUR		1,027,000		04/11/25	$	1,052,549	$	1,071,039	$	(18,490	)

FUTURES CONTRACTS
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Short Futures
1	Euro-Bund Future		03/6/25	$	(142,236	)	$	(137,476	)	$	4,760

Notes to the Schedule of Investments:
ABS	Asset-Backed Securities.
CLO	Collateralized Loan Obligation.
PAC	Planned Amortization Class.
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
EUR	Euro Currency.
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $23,094,289 or 45.9% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Trustees.
(2)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2025, the value of these securities amounted to $4,460,036 or 8.9% of net assets.
(3)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(4)	Perpetual maturity.
(5)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 0.00% cash, 9.00% payment-in-kind interest.
(6)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $19,231, at an interest rate of 7.40% and a maturity of December 11, 2031. The investment is not accruing an unused commitment fee.
(7)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $25,862, at an interest rate of 7.40% and a maturity of October 10, 2031. The investment is not accruing an unused commitment fee.
(8)	This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(9)	Security is not accruing interest.
(10)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(11)	Affiliated issuer.
(12)	Fund sells foreign currency, buys U.S. Dollar.

TCW Multisector Credit Income ETF
Schedule of Investments (Continued)

The summary of the TCW Multisector Credit Income ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	7,510,000	$	300,000		7,210,000	$	7,210,000	$	6,708	$	—	$	—	$	—
Total									$	7,210,000	$	6,708	$	—	$	—	$	—

TCW Multisector Credit Income ETF
Investments by Sector (Unaudited)	January 31, 2025

Sector	Percentage of Net Assets
Corporate Bonds		44.4	%
Bank Loans		24.5
Money Market Investments		14.8
Foreign Government Bonds		12.3
Asset-Backed Securities		7.9
Convertible Corporate Bonds		0.2
Municipal Bonds		0.2
Other*		(4.3	)
Total		100.0	%

* Includes futures, pending trades, interest receivable, fund share transactions and accrued expenses payable.

TCW Multisector Credit Income ETF
Fair Valuation Summary (Unaudited)	January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—	$	22,371,417		$	—	$	22,371,417
Bank Loans*		—		12,337,704			—		12,337,704
Asset-Backed Securities		—		4,000,175			—		4,000,175
Foreign Government Bonds		—		6,200,164			—		6,200,164
Municipal Bonds		—		76,395			—		76,395
Unfunded Commitments Appreciation		—		252			—		252
Total Fixed Income Securities		—		44,986,107			—		44,986,107
Money Market Investments		7,457,603		—			—		7,457,603
Convertible Corporate Bonds*		—		77,931			—		77,931
Total Investments	$	7,457,603	$	45,064,038		$	—	$	52,521,641
Asset Derivatives
Futures Contracts
Interest Rate Risk		4,760		—			—		4,760
Total	$	7,462,363	$	45,064,038		$	—	$	52,526,401
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	—	$	(18,490	)	$	—	$	(18,490	)
Total	$	—	$	(18,490	)	$	—	$	(18,490	)

* See Schedule of Investments for corresponding industries.

TCW Senior Loan ETF

SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—95.9% of Net Assets
ASSET-BACKED SECURITIES—1.0%
AMMC CLO 18 Ltd. Series 2016-18A, Class BR 6.38% (3 mo. USD Term SOFR + 1.862%)(1),(2)		05/26/31	$	915,000	$	917,812
AMMC CLO 30 Ltd. Series 2024-30A, Class A1 5.98% (3 mo. USD Term SOFR + 1.680%)(1),(2)		01/15/37		750,000		756,112
CIFC Funding Ltd. Series 2022-2A, Class A1 5.61% (3 mo. USD Term SOFR + 1.320%)(1),(2)		04/19/35		500,000		500,025
Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 5.63% (3 mo. USD Term SOFR + 1.340%)(1),(2)		04/22/35		250,000		251,010
Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 7.77% (3 mo. USD Term SOFR + 3.250%)(1),(2)		11/09/36		500,000		506,581
						2,931,540
Total Asset-backed Securities (Cost: $2,889,937)						2,931,540
BANK LOANS—90.9%
Advertising—1.1%
Advantage Sales & Marketing, Inc. 2024 Term Loan 0.00%(3)		10/28/27		1,284,421		1,284,723
Neptune Bidco U.S., Inc. 2022 USD Term Loan A 9.14% (3 mo. USD Term SOFR + 4.750%)(1)		04/11/29		564,938		475,960
Planet U.S. Buyer LLC 2024 Term Loan B 7.52% (3 mo. USD Term SOFR + 3.000%)(1)		02/07/31		1,154,082		1,162,617
Red Ventures LLC 2024 Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		03/03/30		232,263		234,066
						3,157,366
Aerospace & Defense—1.1%
Air Comm Corp. LLC 2024 Term Loan 7.40% (3 mo. USD Term SOFR + 3.000%)(1),(4)		11/21/31		324,961		326,485
Bleriot U.S. Bidco, Inc. 2023 Term Loan B 7.08% (3 mo. USD Term SOFR + 2.750%)(1)		10/31/30		1,094,671		1,100,730
TransDigm, Inc. 2024 Term Loan I 7.08% (3 mo. USD Term SOFR + 2.750%)(1)		08/24/28		1,725,083		1,735,045
						3,162,260
Agriculture—0.2%
Alltech, Inc. Term Loan B 8.43% (1 mo. USD Term SOFR + 4.000%)(1)		10/13/28		549,604		552,866
Airlines—0.5%
Air Canada 2024 Term Loan B 6.34% (3 mo. USD Term SOFR + 2.000%)(1)		03/21/31		508,354		512,245
United Airlines, Inc. 2024 1st Lien Term Loan B 6.30% (3 mo. USD Term SOFR + 2.000%)(1)		02/22/31		1,076,790		1,081,884
						1,594,129
Apparel—0.4%
ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B 0.00%(3)		12/21/28		537,254		540,397
Crocs, Inc. 2024 Term Loan 6.58% (3 mo. USD Term SOFR + 2.250%)(1)		02/19/29		278,852		280,579
Hanesbrands, Inc. 2021 Term Loan 6.16% (1 mo. USD Term SOFR + 1.750%)(1)		11/19/26		398,910		399,160
						1,220,136
Auto Parts & Equipment—0.3%
First Brands Group LLC 2021 Term Loan 9.55% (3 mo. USD Term SOFR + 5.000%)(1)		03/30/27		974,031		958,203
Banks—0.1%
Chrysaor Bidco SARL Delayed Draw Term Loan 0.00%(3)		07/17/31		21,408		21,680
Chrysaor Bidco SARL Term Loan B 0.00%(3)		07/17/31		289,479		293,150
						314,830
Beverages—1.5%
Arterra Wines Canada, Inc. 2020 Term Loan 8.09% (3 mo. USD Term SOFR + 3.500%)(1)		11/24/27		1,022,161		1,001,182
City Brewing Co. LLC 2024 First Lien Second Out PIK TL 9.56% (3 mo. USD Term SOFR + 5.000%)(1)		04/05/28		5,553		685
Naked Juice LLC 2nd Lien Term Loan 10.43% (3 mo. USD Term SOFR + 6.000%)(1)		01/24/30		600,000		210,000
Naked Juice LLC Term Loan 7.43% (3 mo. USD Term SOFR + 3.000%)(1)		01/24/29		986,221		723,886
Pegasus Bidco BV 2024 Term Loan B 7.77% (3 mo. USD Term SOFR + 3.250%)(1)		07/12/29		1,350,440		1,365,633
Primo Brands Corp. Term Loan B 0.00%(3)		03/31/28		1,000,000		1,000,000
						4,301,386
Building Materials—0.4%
Nvent Electric PLC Term Loan B 0.00%(3)		09/12/31		700,000		707,549

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Building Materials (Continued)
Potters Industries LLC 2024 Term Loan 8.04% (3 mo. USD Term SOFR + 3.750%)(1)		12/14/27	$	444,780	$	449,413
Standard Industries, Inc. 2021 Term Loan B 6.05% (1 mo. USD Term SOFR + 1.750%)(1)		09/22/28		165,146		165,877
						1,322,839
Chemicals—2.0%
Archroma Finance SARL 2023 USD Term Loan B2A 9.96% (6 mo. USD Term SOFR + 5.500%)(1)		06/30/27		1,302,202		1,301,226
Chemours Co. 2023 USD Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		08/18/28		497,481		502,456
HB Fuller Co. 2024 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		02/15/30		782,274		785,701
Hexion Holdings Corp. 2024 Term Loan B 8.30% (1 mo. USD Term SOFR + 4.000%)(1)		03/15/29		1,118,405		1,121,665
Mativ Holdings, Inc. Delayed Draw Term Loan A 6.91% (1 mo. USD Term SOFR + 2.500%)(1)		05/06/27		1,112,320		1,106,759
SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B 7.29% (3 mo. USD Term SOFR + 3.000%)(1)		01/31/29		1,190,955		1,197,588
						6,015,395
Commercial Services—11.3%
Aggreko Holdings, Inc. 2025 USD Term Loan B 0.00%(3)		08/16/29		240,000		242,213
Albion Financing 3 SARL 2024 USD Term Loan B 8.80% (3 mo. USD Term SOFR + 4.250%)(1)		08/16/29		1,300,183		1,312,171
AlixPartners LLP 2021 USD Term Loan B 6.93% (1 mo. USD Term SOFR + 2.500%)(1)		02/04/28		959,756		964,137
Allied Universal Holdco LLC 2021 USD Incremental Term Loan B 8.16% (1 mo. USD Term SOFR + 3.750%)(1)		05/12/28		390,149		391,934
Amspec Parent LLC 2024 Term Loan 8.58% (3 mo. USD Term SOFR + 4.250%)(1),(5)		12/22/31		823,333		827,965
Anticimex International AB 2024 Term Loan B6 7.97% (3 mo. USD Term SOFR + 3.400%)(1)		11/16/28		1,157,907		1,169,243
APi Group DE, Inc. 2024 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		01/03/29		955,701		959,251
Archkey Solutions LLC 2024 Term Loan B 9.09% (1 mo. USD Term SOFR + 4.750%)(1),(6)		10/10/31		1,062,580		1,069,221
Belron Finance 2019 LLC 2024 USD Term Loan B 7.27% (3 mo. USD Term SOFR + 2.750%)(1)		10/16/31		980,484		990,166
BIFM US Finance LLC 2024 Incremental Term Loan 8.06% (1 mo. USD Term SOFR + 3.750%)(1)		05/31/28		846,623		855,618
Boost Newco Borrower LLC 2024 USD Term Loan B 6.83% (3 mo. USD Term SOFR + 2.500%)(1)		01/31/31		748,125		752,240
CCRR Parent, Inc. Term Loan B 9.03% (3 mo. USD Term SOFR + 4.250%)(1)		03/06/28		839,662		431,376
Conservice Midco LLC 2024 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		05/13/27		497,500		499,987
Conservice Midco LLC 2025 Term Loan B 0.00%(3)		05/13/30		500,000		502,500
Crisis Prevention Institute, Inc. 2024 Term Loan B 8.31% (1 mo. USD Term SOFR + 4.000%)(1)		04/09/31		1,250,000		1,257,294
Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		07/06/29		1,313,000		1,324,489
Ensemble RCM LLC 2024 Term Loan B 7.29% (3 mo. USD Term SOFR + 3.000%)(1)		08/01/29		1,001,339		1,010,931
Fugue Finance BV 2025 Term Loan B 7.50% (6 mo. USD Term SOFR + 3.250%)(1)		01/09/32		1,200,000		1,218,750
Garda World Security Corp. 2024 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		02/01/29		1,498,135		1,505,063
Grant Thornton Advisors LLC 2025 Term Loan B 7.06% (3 mo. USD Term SOFR + 2.750%)(1)		06/02/31		544,091		546,387
Holding Socotec SAS 2024 Term Loan B 0.00%(3)		06/30/28		298,469		301,454
Kelso Industries LLC Term Loan 10.06% (1 mo. USD Term SOFR + 5.750%)(1),(7)		12/30/29		678,889		674,646
KUEHG Corp. 2024 Term Loan 7.54% (3 mo. USD Term SOFR + 3.250%)(1)		06/12/30		743,233		751,943
Nuvei Technologies Corp. 2024 Term Loan B1 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		11/15/31		1,042,683		1,046,734

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Commercial Services (Continued)
OMNIA Partners LLC 2024 Term Loan B 7.05% (3 mo. USD Term SOFR + 2.750%)(1)		07/25/30	$	984,210	$	989,899
Prime Security Services Borrower LLC 2024 Term Loan B 6.33% (1 mo. USD Term SOFR + 2.000%)(1)		10/13/30		1,125,532		1,129,398
Priority Holdings LLC 2024 Term Loan B 9.06% (1 mo. USD Term SOFR + 4.750%)(1)		05/16/31		997,494		1,002,272
Prometric Holdings, Inc. 2024 Term Loan 9.18% (1 mo. USD Term SOFR + 4.750%)(1)		01/31/28		742,514		753,537
Raven Acquisition Holdings LLC Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(1),(8)		11/19/31		606,667		609,485
Ryan LLC Term Loan 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		11/14/30		1,242,975		1,248,543
Sabert Corp. 2024 Term Loan B 7.43% (1 mo. USD Term SOFR + 3.000%)(1)		12/10/26		315,329		317,497
Spring Education Group, Inc. Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		10/04/30		302,791		304,809
Teneo Holdings LLC 2024 Term Loan B 0.00%(3)		03/13/31		1,250,000		1,263,537
Trans Union LLC 2024 Term Loan B8 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		06/24/31		419,997		420,522
Trans Union LLC 2024 Term Loan B9 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		06/24/31		545,833		546,674
TruGreen LP 2020 2nd Lien Term Loan 13.05% (3 mo. USD Term SOFR + 8.500%)(1)		11/02/28		500,000		447,500
TruGreen LP 2020 Term Loan 8.41% (1 mo. USD Term SOFR + 4.000%)(1)		11/02/27		209,854		204,308
TTF Holdings LLC 2024 Term Loan 8.06% (1 mo. USD Term SOFR + 3.750%)(1)		07/18/31		1,150,000		1,150,719
VSTG Acquisition Corp. 2025 Repriced Term Loan B 0.00%(3)		07/13/29		1,250,000		1,254,300
VT Topco, Inc. 2024 1st Lien Term Loan B 7.33% (3 mo. USD Term SOFR + 3.000%)(1)		08/09/30		664,728		671,861
XPLOR T1 LLC Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		06/24/31		599,071		606,934
						33,527,508
Computers—2.9%
Amentum Government Services Holdings LLC 2024 Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		09/29/31		1,410,976		1,408,154
Clover Holdings 2 LLC Term Loan B 8.43% (3 mo. USD Term SOFR + 4.000%)(1)		12/09/31		918,367		928,125
Idemia Group 2024 Term Loan B5 8.58% (3 mo. USD Term SOFR + 4.250%)(1)		09/30/28		438,682		444,165
Indy U.S. Bidco LLC 2024 USD Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		03/06/28		1,421,438		1,426,469
Magenta Buyer LLC 2021 USD 1st Lien Term Loan 9.55% (3 mo. USD Term SOFR + 5.000%)(1)		07/27/28		461,472		149,978
NCR Atleos LLC 2024 Term Loan B 8.05% (3 mo. USD Term SOFR + 3.750%)(1)		04/16/29		764,045		770,612
Peraton Corp. 2nd Lien Term Loan B1 12.36% (3 mo. USD Term SOFR + 7.750%)(1)		02/01/29		248,837		211,511
Peraton Corp. Term Loan B 8.16% (1 mo. USD Term SOFR + 3.750%)(1)		02/01/28		1,561,856		1,465,513
Surf Holdings LLC 2024 Incremental Term Loan 0.00%(3)		03/05/27		500,000		504,618
Tempo Acquisition LLC 2024 Term Loan B 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		08/31/28		1,223,539		1,224,738
						8,533,883
Distribution & Wholesale—1.8%
BCPE Empire Holdings, Inc. 2024 1st Lien Term Loan 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		12/11/28		1,279,778		1,290,976
Gates Global LLC 2022 Term Loan B4 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		11/16/29		265,321		266,095
Gloves Buyer, Inc. 2025 Term Loan 0.00%(3)		01/17/32		1,188,679		1,188,436
Resideo Funding, Inc. 2024 1st Lien Term Loan B 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		02/11/28		292,778		294,425
Veritiv Corp. Term Loan B 8.83% (3 mo. USD Term SOFR + 4.500%)(1)		11/30/30		1,493,747		1,497,884

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Distribution & Wholesale (Continued)
Windsor Holdings III LLC 2024 USD 1st Lien Term Loan B 7.80% (1 mo. USD Term SOFR + 3.500%)(1)		08/01/30	$	653,918	$	660,389
						5,198,205
Diversified Financial Services—2.6%
Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 6.05% (1 mo. USD Term SOFR + 1.750%)(1)		06/24/30		992,500		993,616
Blackhawk Network Holdings, Inc. 2024 Term Loan 9.31% (1 mo. USD Term SOFR + 5.000%)(1)		03/12/29		746,250		753,313
Dechra Pharmaceuticals Holdings Ltd. Term Loan B 0.00%(3)		12/04/31		879,630		885,818
Deerfield Dakota Holding LLC 2020 USD Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		04/09/27		465,715		459,365
Deerfield Dakota Holding LLC 2021 USD 2nd Lien Term Loan 11.34% (3 mo. USD Term SOFR + 6.750%)(1)		04/07/28		250,000		244,375
Guggenheim Partners LLC 2024 Term Loan B 6.83% (3 mo. USD Term SOFR + 2.500%)(1)		11/21/31		986,875		993,147
Jefferies Finance LLC 2024 Term Loan 7.30% (1 mo. USD Term SOFR + 3.000%)(1)		10/21/31		1,000,000		1,006,565
Orion Advisor Solutions, Inc. 2024 Term Loan B 8.04% (3 mo. USD Term SOFR + 3.750%)(1)		09/24/30		846,934		857,521
Setanta Aircraft Leasing DAC 2024 Term Loan B 6.08% (3 mo. USD Term SOFR + 1.750%)(1)		11/05/28		600,833		604,375
Summit Acquisition, Inc. 2024 Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		10/16/31		750,000		756,562
						7,554,657
Electric—5.3%
Alpha Generation LLC Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		09/30/31		1,870,313		1,882,937
Calpine Corp. 2024 Term Loan B10 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		01/31/31		184,112		184,242
Calpine Corp. 2024 Term Loan B5 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		02/15/32		1,214,286		1,214,365
Carroll County Energy LLC 2024 Term Loan B 7.58% (3 mo. USD Term SOFR + 3.250%)(1)		06/30/31		1,055,810		1,066,864
Compass Power Generation LLC 2024 Term Loan B3 8.06% (1 mo. USD Term SOFR + 3.750%)(1)		04/14/29		1,115,987		1,124,881
Cornerstone Generation LLC Term Loan B 0.00%(3)		10/28/31		1,250,000		1,259,506
Edgewater Generation LLC 2024 Term Loan B 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		08/01/30		1,429,518		1,445,157
EFS Cogen Holdings I LLC 2020 Term Loan B 7.81% (3 mo. USD Term SOFR + 3.500%)(1)		10/03/31		921,296		927,713
Hamilton Projects Acquiror LLC 2024 Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		05/22/31		1,660,012		1,675,915
Kestrel Acquisition LLC 2024 Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		11/06/31		1,248,125		1,257,355
Lackawanna Energy Center LLC Term Loan B2 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		08/06/29		698,856		704,317
Lackawanna Energy Center LLC Term Loan C 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		08/06/29		153,102		154,299
Potomac Energy Center LLC Term Loan 0.00%(3)		11/12/26		750,000		755,625
Red Oak Power LLC Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		10/01/30		640,063		643,532
South Field LLC Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		08/29/31		695,266		699,323
South Field LLC Term Loan C 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		08/29/31		43,342		43,595
Talen Energy Supply LLC 2024 Incremental Term Loan B 7.02% (3 mo. USD Term SOFR + 2.500%)(1)		12/15/31		563,373		566,426
						15,606,052
Electrical Components & Equipment—0.4%
Pelican Products, Inc. 2021 Term Loan 8.84% (3 mo. USD Term SOFR + 4.250%)(1)		12/29/28		1,341,586		1,237,613
Electronics—1.3%
II-VI, Inc. 2024 1st Lien Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		07/02/29		1,417,460		1,426,100
LSF12 Crown U.S. Commercial Bidco LLC Term Loan B 8.59% (1 mo. USD Term SOFR + 4.250%)(1)		12/02/31		566,327		567,623

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Electronics (Continued)
MX Holdings U.S., Inc. 2023 USD Term Loan B1D 7.32% (3 mo. USD Term SOFR + 2.750%)(1)		07/31/28	$	468,476	$	471,500
TCP Sunbelt Acquisition Co. 2024 Term Loan B 8.77% (3 mo. USD Term SOFR + 4.250%)(1)		10/16/31		1,500,000		1,514,692
						3,979,915
Energy-Alternate Sources—1.3%
CPV Fairview LLC Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		08/14/31		350,141		353,423
KAMC Holdings, Inc. 2019 Term Loan 8.78% (3 mo. USD Term SOFR + 4.000%)(1),(9)		08/14/26		1,774,613		1,759,271
Oregon Clean Energy LLC 2024 1st Lien Term Loan B 7.79% (3 mo. USD Term SOFR + 3.500%)(1)		07/12/30		1,589,383		1,603,147
						3,715,841
Engineering & Construction—1.8%
Artera Services LLC 2024 Term Loan 8.83% (3 mo. USD Term SOFR + 4.500%)(1)		02/15/31		462,116		459,634
DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan 11.18% (1 mo. USD Term SOFR + 6.750%)(1)		03/30/29		415,000		414,158
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(1),(10)		03/31/28		805,643		816,221
Engineering Research & Consulting LLC 2024 Term Loan 9.51% (3 mo. USD Term SOFR + 5.000%)(1)		08/15/31		1,405,178		1,405,178
Legence Holdings LLC 2021 Term Loan 7.91% (1 mo. USD Term SOFR + 3.500%)(1)		12/16/27		997,423		1,003,447
Legence Holdings LLC 2025 Term Loan B 0.00%(3)		12/16/28		131,374		132,167
Wrench Group LLC 2019 Term Loan B 8.59% (3 mo. USD Term SOFR + 4.000%)(1)		10/30/28		1,244,802		1,204,862
						5,435,667
Entertainment—4.5%
Banijay Entertainment SAS USD Term Loan B2 7.58% (1 mo. USD Term SOFR + 3.250%)(1)		03/01/28		673,585		678,047
Banijay U.S. Holding, Inc. 2025 USD Repriced Term Loan B 0.00%(3)		03/01/28		357,531		359,899
Caesars Entertainment, Inc. Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		02/06/30		805,310		809,002
Delta 2 Lux SARL 2024 Term Loan B1 6.33% (3 mo. USD Term SOFR + 2.000%)(1)		09/30/31		244,444		245,392
Delta 2 Lux SARL 2024 Term Loan B2 0.00%(3)		09/30/31		122,222		122,696
Endeavor Operating Co. LLC Term Loan B 0.00%(3)		01/27/32		1,500,000		1,503,750
Entain Holdings Gibraltar Ltd. 2021 USD Term Loan B4 6.93% (3 mo. USD Term SOFR + 2.500%)(1)		03/29/27		1,688,750		1,695,260
Flutter Financing BV 2024 Term Loan B 6.08% (3 mo. USD Term SOFR + 1.750%)(1)		11/30/30		1,257,642		1,260,340
Great Canadian Gaming Corp. 2024 Term Loan B 9.09% (3 mo. USD Term SOFR + 4.750%)(1)		11/01/29		831,206		834,584
GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 7.08% (3 mo. USD Term SOFR + 2.750%)(1)		10/31/29		249,373		250,910
J&J Ventures Gaming LLC 2023 Incremental Term Loan B 8.68% (1 mo. USD Term SOFR + 4.250%)(1)		04/26/28		744,997		744,997
Light & Wonder International, Inc. 2024 Term Loan B2 6.55% (1 mo. USD Term SOFR + 2.250%)(1)		04/14/29		779,646		783,954
Penn Entertainment, Inc. 2022 Term Loan B 6.81% (1 mo. USD Term SOFR + 2.500%)(1)		05/03/29		975,000		982,376
Showtime Acquisition LLC 2024 1st Lien Term Loan 9.24% (3 mo. USD Term SOFR + 4.750%)(1)		08/13/31		1,393,333		1,399,868
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 7.18% (1 mo. USD Term SOFR + 2.750%)(1)		05/18/25		1,679,669		1,683,171
						13,354,246
Environmental Control—2.4%
Action Environmental Group, Inc. 2023 Term Loan B 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		10/24/30		1,497,633		1,510,737
Eagle 4 Ltd. 2025 Repriced Term Loan 0.00%(3)		07/12/28		400,389		404,269
ERM Emerald U.S., Inc. USD Term Loan B1 8.34% (3 mo. USD Term SOFR + 3.750%)(1)		07/12/28		982,057		991,573
Filtration Group Corp. 2021 Incremental Term Loan 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		10/21/28		1,000,855		1,009,993

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Environmental Control (Continued)
Filtration Group Corp. 2025 Term Loan B 0.00%(3)		10/21/28	$	1,000,000	$	1,009,130
GFL Environmental, Inc. 2024 Term Loan B 6.31% (3 mo. USD Term SOFR + 2.000%)(1)		07/03/31		498,750		499,366
Heritage-Crystal Clean, Inc. Term Loan B 8.34% (3 mo. USD Term SOFR + 4.000%)(1)		10/17/30		357,792		361,147
Reworld Holding Corp. Term Loan B 6.55% (1 mo. USD Term SOFR + 2.250%)(1)		11/30/28		447,109		448,746
Reworld Holding Corp. Term Loan C 6.55% (1 mo. USD Term SOFR + 2.250%)(1)		11/30/28		34,350		34,476
Tidal Waste & Recycling Holdings LLC Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		10/24/31		849,057		857,148
						7,126,585
Food—3.3%
1440 Foods Topco LLC Term Loan B 9.31% (1 mo. USD Term SOFR + 5.000%)(1)		10/31/31		1,404,386		1,355,233
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(1)		10/01/25		249,337		245,129
8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan 12.18% (1 mo. USD Term SOFR + 7.750%)(1)		10/01/26		870,000		805,059
8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan 9.17% (1 mo. USD Term SOFR + 4.750%)(1)		10/01/25		247,329		243,103
BCPE North Star U.S. HoldCo 2, Inc. Term Loan 8.43% (1 mo. USD Term SOFR + 4.000%)(1)		06/09/28		1,044,183		1,019,493
Chobani LLC 2020 Term Loan B 7.67% (1 mo. USD Term SOFR + 3.250%)(1)		10/25/27		710,828		716,351
Simply Good Foods USA, Inc. 2023 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		03/17/27		567,122		571,642
Simply Good Foods USA, Inc. 2025 Term Loan B 0.00%(3)		03/17/27		554,897		559,319
Snacking Investments Bidco Pty. Ltd. USD Term Loan 8.30% (3 mo. USD Term SOFR + 4.000%)(1)		12/18/26		1,324,536		1,337,119
United Natural Foods, Inc. 2024 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(1)		05/01/31		1,736,875		1,766,185
Upfield BV 2024 USD Term Loan B10 8.87% (6 mo. USD Term SOFR + 4.250%)(1)		01/03/28		1,073,724		1,078,760
						9,697,393
Food Service—0.3%
Aramark Services, Inc. 2024 Term Loan B7 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		04/06/28		1,000,000		1,006,375
Forest Products & Paper—0.2%
Glatfelter Corp. Term Loan B 8.76% (3 mo. USD Term SOFR + 4.250%)(1)		11/04/31		592,593		596,483
Hand/Machine Tools—0.6%
Alliance Laundry Systems LLC 2024 Term Loan B 7.80% (1 mo. USD Term SOFR + 3.500%)(1)		08/19/31		1,425,000		1,433,279
Madison Safety & Flow LLC 2024 Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(1)		09/26/31		199,500		201,278
						1,634,557
Health Care-Products—1.7%
Bausch & Lomb Corp. 2023 Incremental Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		09/29/28		237,547		239,998
Bausch & Lomb Corp. Term Loan 7.66% (1 mo. USD Term SOFR + 3.250%)(1)		05/10/27		750,503		755,156
Curia Global, Inc. 2021 Term Loan 8.16% (1 mo. USD Term SOFR + 3.750%)(1)		08/30/26		1,342,785		1,286,415
Hanger, Inc. 2024 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1),(11)		10/23/31		354,373		358,359
NSM Top Holdings Corp. 2024 Term Loan 9.68% (3 mo. USD Term SOFR + 5.250%)(1)		05/14/29		935,156		947,154
Resonetics LLC 2024 Term Loan B 7.58% (3 mo. USD Term SOFR + 3.250%)(1)		06/18/31		1,172,063		1,182,388
Sotera Health Holdings LLC 2024 Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(1)		05/30/31		317,386		318,842
						5,088,312
Health Care-Services—5.8%
ADMI Corp. 2023 Term Loan B5 10.06% (1 mo. USD Term SOFR + 5.750%)(1)		12/23/27		1,513,606		1,532,526

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Health Care-Services (Continued)
Bella Holding Co. LLC 2021 Term Loan B 8.16% (1 mo. USD Term SOFR + 3.750%)(1)		05/10/28	$	1,225,939	$	1,235,391
Bella Holding Co. LLC 2025 Term Loan 0.00%(3)		05/10/28		133,642		134,672
Certara LP 2024 Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		06/26/31		575,849		579,091
Charlotte Buyer, Inc. 2024 Term Loan B 9.05% (1 mo. USD Term SOFR + 4.750%)(1)		02/11/28		1,559,189		1,567,087
Concentra Health Services, Inc. 2025 Fungible Term Loan B 0.00%(3)		07/28/31		179,760		180,322
Concentra Health Services, Inc. Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		07/28/31		619,281		621,217
Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B 8.54% (3 mo. USD Term SOFR + 4.250%)(1)		03/30/29		891,499		865,173
Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B 9.79% (3 mo. USD Term SOFR + 5.500%)(1)		03/30/29		198,500		195,191
eResearchTechnology , Inc. 2024 Term Loan 8.31% (1 mo. USD Term SOFR + 4.000%)(1)		02/04/27		1,466,616		1,477,616
Heartland Dental LLC 2024 Term Loan 8.81% (1 mo. USD Term SOFR + 4.500%)(1)		04/28/28		969,485		975,268
Help At Home, Inc. 2024 Term Loan B 9.31% (1 mo. USD Term SOFR + 5.000%)(1)		09/24/31		1,267,347		1,273,861
Inception Holdco SARL 2024 USD Term Loan B 8.83% (3 mo. USD Term SOFR + 4.500%)(1)		04/09/31		878,917		887,433
ModivCare, Inc. 2024 Term Loan B 9.08% (3 mo. USD Term SOFR + 4.750%)(1)		07/01/31		745,003		621,768
ModivCare, Inc. 2025 Incremental Term Loan 0.00%(3)		01/09/26		255,749		251,912
NAPA Management Services Corp. Term Loan B 9.66% (1 mo. USD Term SOFR + 5.250%)(1)		02/23/29		1,555,345		1,462,032
Pacific Dental Services LLC 2024 Term Loan B 7.05% (1 mo. USD Term SOFR + 2.750%)(1)		03/15/31		967,688		977,021
Parexel International Corp. 2024 Term Loan B 6.81% (1 mo. USD Term SOFR + 2.500%)(1)		11/15/28		720,750		724,725
Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan 9.84% (3 mo. USD Term SOFR + 5.500%)(1)		06/20/28		1,116,653		1,143,174
Pluto Acquisition I, Inc. 2024 Second Out Superpriority Term Loan 8.52% (3 mo. USD Term SOFR + 4.000%)(1)		09/20/28		220,210		201,562
U.S. Renal Care, Inc. 2023 Superpriority Term Loan 9.43% (1 mo. USD Term SOFR + 5.000%)(1)		06/20/28		182,004		170,173
Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan 11.55% (3 mo. USD Term SOFR + 7.250%)(1)		06/09/25		178,839		181,521
						17,258,736
Holding Companies - Diversified—0.2%
Emerald X, Inc. 2025 Term Loan B 0.00%(3)		01/23/32		500,000		503,595
Home Builders—0.4%
Tecta America Corp. 2021 Term Loan 8.43% (1 mo. USD Term SOFR + 4.000%)(1)		04/10/28		248,711		250,444
Tecta America Corp. 2023 Term Loan B 8.68% (1 mo. USD Term SOFR + 4.250%)(1)		04/10/28		853,217		859,159
						1,109,603
Home Furnishings—0.4%
AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B 7.34% (1 mo. USD Term SOFR + 3.000%)(1)		07/31/28		1,258,017		1,262,709
Insurance—1.8%
Acrisure LLC 2024 1st Lien Term Loan B1 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		02/15/27		1,422,376		1,429,374
AmWINS Group, Inc. 2025 Term Loan B 0.00%(3)		01/23/32		1,000,000		1,003,250
Asurion LLC 2020 Term Loan B8 7.68% (1 mo. USD Term SOFR + 3.250%)(1)		12/23/26		821,757		822,131
Asurion LLC 2021 Term Loan B9 7.68% (1 mo. USD Term SOFR + 3.250%)(1)		07/31/27		317,122		317,211
Asurion LLC 2022 Term Loan B10 8.41% (1 mo. USD Term SOFR + 4.000%)(1)		08/19/28		751,935		751,571
Goosehead Insurance Holdings LLC Term Loan B 10.00% (3 mo. USD Term SOFR + 2.500%)(1)		01/08/32		413,793		416,379

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
Sedgwick Claims Management Services, Inc. 2023 Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		07/31/31	$	723,188	$	728,113
						5,468,029
Internet—5.1%
Barracuda Networks, Inc. 2022 Term Loan 8.79% (3 mo. USD Term SOFR + 4.500%)(1)		08/15/29		1,570,173		1,387,397
BEP Intermediate Holdco LLC Replacement Term Loan 7.56% (1 mo. USD Term SOFR + 3.250%)(1)		04/25/31		740,470		747,878
Delivery Hero SE 2024 USD Term Loan B 9.52% (3 mo. USD Term SOFR + 5.000%)(1)		12/12/29		1,790,544		1,808,002
Go Daddy Operating Co. LLC 2024 Term Loan B8 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		11/09/29		622,812		624,394
Hoya Midco LLC 2025 Term Loan B 0.00% (3)		02/03/29		1,330,000		1,330,000
Magnite, Inc. 2024 First Lien Term Loan B 8.06% (1 mo. USD Term SOFR + 3.750%)(1)		02/06/31		1,675,328		1,699,410
MH Sub I LLC 2023 Term Loan 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		05/03/28		879,814		871,843
MH Sub I LLC 2024 Term Loan B4 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		12/11/31		250,098		243,283
Polaris Purchaser, Inc. USD Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		03/03/31		1,086,992		1,097,862
Proofpoint, Inc. 2024 Term Loan 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		08/31/28		1,000,000		1,007,190
PUG LLC 2024 Extended Term Loan B 9.06% (1 mo. USD Term SOFR + 4.750%)(1)		03/15/30		1,336,455		1,342,723
Research Now Group, Inc. 2024 First Lien First Out Term Loan 9.79% (3 mo. USD Term SOFR + 5.000%)(1)		07/15/28		1,273,475		1,289,393
TripAdvisor, Inc. Term Loan 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		07/08/31		724,746		729,276
WatchGuard Technologies, Inc. Term Loan 0.00%(3)		07/02/29		1,027,718		1,020,971
						15,199,622
Investment Companies—1.0%
AAL Delaware Holdco, Inc. 2024 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		07/30/31		1,234,087		1,243,922
FinCo I LLC 2024 Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		06/27/29		736,126		740,955
HDI Aerospace Intermediate Holding III Corp. Term Loan B 0.00%(3)		09/19/31		333,333		335,000
Intrado Corp. 2023 Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		01/31/30		734,398		734,017
						3,053,894
Iron & Steel—0.2%
TMS International Corp. 2024 1st Lien Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		03/02/30		682,926		689,755
Leisure Time—1.4%
Alterra Mountain Co. 2024 Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		08/17/28		997,500		1,005,610
Alterra Mountain Co. 2024 Term Loan B7 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		05/31/30		465,889		470,257
Arcis Golf LLC 2023 Term Loan B 7.07% (1 mo. USD Term SOFR + 2.750%)(1)		11/24/28		975,150		983,078
Arcis Golf LLC 2025 Term Loan B 0.00% (3)		11/24/28		650,000		655,285
Lakeland Tours LLC 2020 HoldCo Term Loan 8.00%(9)		09/25/27		677,334		40,640
LC AHAB U.S. Bidco LLC Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		05/01/31		332,500		333,955
Sabre GLBL, Inc. 2021 Term Loan B1 0.00%(3)		12/17/27		115,564		112,530
Sabre GLBL, Inc. 2021 Term Loan B2 0.00%(3)		12/17/27		134,436		130,907
Sabre GLBL, Inc. 2022 Term Loan B 8.66% (1 mo. USD Term SOFR + 4.250%)(1)		06/30/28		364,746		356,426
Sabre GLBL, Inc. 2024 Term Loan B1 10.41% (1 mo. USD Term SOFR + 6.000%)(1)		11/15/29		122,211		122,516
						4,211,204
Machinery-Construction & Mining—0.3%
WEC U.S. Holdings Ltd. 2024 Term Loan 6.59% (1 mo. USD Term SOFR + 2.250%)(1)		01/27/31		748,120		751,113

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Machinery-Diversified—1.5%
Arcline FM Holdings LLC 2024 Term Loan 9.57% (3 mo. USD Term SOFR + 4.500%)(1)		06/23/28	$	1,441,735	$	1,446,421
Pro Mach Group, Inc. 2024 1st Lien Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		08/31/28		384,211		387,773
SPX Flow, Inc. 2024 1st Lien Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		04/05/29		1,167,144		1,179,493
TK Elevator U.S. Newco, Inc. USD Term Loan B 7.75% (6 mo. USD Term SOFR + 3.500%)(1)		04/30/30		658,974		664,638
Victory Buyer LLC Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(1)		11/19/28		691,326		680,586
						4,358,911
Media—1.2%
Charter Communications Operating LLC 2024 Term Loan B5 6.56% (3 mo. USD Term SOFR + 2.250%)(1)		12/15/31		625,871		625,990
CSC Holdings LLC 2019 Term Loan B5 7.17% (6 mo. USD LIBOR + 2.500%)(1)		04/15/27		866,622		809,074
NEP Group, Inc. 2023 Incremental Term Loan B 8.43% (1 mo. USD Term SOFR + 4.000%)(1),(12)		08/19/26		504,639		454,594
NEP Group, Inc. 2023 Term Loan B 7.68% (1 mo. USD Term SOFR + 3.250%)(1)		08/19/26		991,255		896,159
NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan 11.43% (1 mo. USD Term SOFR + 7.000%)(1)		10/19/26		440,000		351,450
United Talent Agency LLC 2024 Term Loan B 8.05% (1 mo. USD Term SOFR + 3.750%)(1)		07/07/28		481,193		485,403
						3,622,670
Metal Fabricate & Hardware—0.5%
AZZ, Inc. Term Loan B 6.81% (1 mo. USD Term SOFR + 2.500%)(1)		05/13/29		1,359,672		1,370,237
Mining—0.4%
American Rock Salt Co. LLC 2024 First Out Term Loan 11.78% (3 mo. USD Term SOFR + 7.000%)(1),(13)		06/09/28		331,547		336,520
Arsenal AIC Parent LLC 2025 Term Loan B 0.00%(3)		08/18/30		880,755		886,260
						1,222,780
Miscellaneous Manufacturers—0.7%
Rohm Holding GmbH USD Term Loan B 9.83% (3 mo. USD Term SOFR + 5.500%)(1)		07/31/26		1,344,987		1,337,422
Technimark Holdings LLC 2024 Term Loan 7.55% (1 mo. USD Term SOFR + 3.250%)(1)		04/14/31		748,125		748,592
						2,086,014
Office/Business Equipment—0.6%
Xerox Holdings Corp. 2023 Term Loan B 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		11/17/29		1,888,352		1,881,281
Oil & Gas—0.2%
Apro LLC 2024 Term Loan B 8.27% (3 mo. USD Term SOFR + 3.750%)(1)		07/09/31		457,188		458,616
Oil & Gas Services—0.3%
ChampionX Corp. 2022 Term Loan B2 7.16% (1 mo. USD Term SOFR + 2.750%)(1)		06/07/29		493,750		495,448
MRC Global U.S., Inc. 2024 Term Loan B 7.62% (3 mo. USD Term SOFR + 3.500%)(1)		10/24/31		400,000		404,000
						899,448
Packaging & Containers—2.0%
Anchor Packaging, Inc. 2024 1st Lien Term Loan 7.55% (1 mo. USD Term SOFR + 3.250%)(1)		07/18/29		296,061		298,745
Balcan Innovations, Inc. Term Loan B 9.04% (3 mo. USD Term SOFR + 4.750%)(1)		10/10/31		1,500,000		1,513,125
Graham Packaging Co., Inc. 2024 Term Loan B 6.81% (1 mo. USD Term SOFR + 2.500%)(1)		08/04/27		697,642		701,036
Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4 6.81% (1 mo. USD Term SOFR + 2.500%)(1)		09/24/28		1,144,544		1,149,940
Plaze, Inc. 2020 Incremental Term Loan 8.18% (1 mo. USD Term SOFR + 3.750%)(1)		08/03/26		978,701		926,791
Pretium Packaging LLC First Out Term Loan A 9.57% (3 mo. USD Term SOFR + 5.000%)(1),(12)		10/02/28		1,131		1,159
Proampac PG Borrower LLC 2024 Term Loan 8.52% (3 mo. USD Term SOFR + 4.000%)(1)		09/15/28		1,302,725		1,307,336
						5,898,132

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Pharmaceuticals—3.4%
Curium Bidco SARL 2024 Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		07/31/29	$	987,537	$	996,025
IVC Acquisition Ltd. 2024 USD Term Loan B 8.04% (3 mo. USD Term SOFR + 3.750%)(1)		12/12/28		1,313,017		1,321,637
Jazz Financing Lux SARL 2024 1st Lien Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		05/05/28		749,923		752,893
LSCS Holdings, Inc. 2021 1st Lien Term Loan 8.93% (1 mo. USD Term SOFR + 4.614%)(1)		12/16/28		1,309,983		1,321,445
Option Care Health, Inc. 2021 Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		10/27/28		539,510		544,298
Organon & Co. 2024 USD Term Loan 6.55% (1 mo. USD Term SOFR + 2.250%)(1)		05/19/31		495,161		497,637
Perrigo Investments LLC 2024 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		04/20/29		1,294,521		1,298,566
RxBenefits, Inc. 2020 Term Loan 8.93% (1 mo. USD Term SOFR + 4.500%)(1)		12/20/27		492,347		490,501
RxBenefits, Inc. 2023 Incremental Term Loan 9.56% (1 mo. USD Term SOFR + 5.250%)(1)		12/20/27		695,757		693,148
Southern Veterinary Partners LLC 2024 1st Lien Term Loan 10.00% (3 mo. USD Term SOFR + 3.250%)(1)		12/04/31		1,530,612		1,544,327
Vizient, Inc. 2024 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		08/01/31		731,080		738,390
						10,198,867
Pipelines—0.8%
ITT Holdings LLC 2024 Term Loan B 7.06% (1 mo. USD Term SOFR + 2.750%)(1)		10/11/30		1,009,520		1,017,218
NGP XI Midstream Holdings LLC Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		07/25/31		925,000		935,406
WaterBridge Midstream Operating LLC 2024 Term Loan B 9.02% (3 mo. USD Term SOFR + 4.500%)(1)		05/10/29		465,500		471,682
						2,424,306
Real Estate—0.0%
Avison Young Canada, Inc. 2024 Second Out Term Loan 12.65% (3 mo. USD Term SOFR + 8.000%)(1)		03/12/29		7,909		6,202
Avison Young Canada, Inc. 2024 Third Out Term Loan 12.42% (1 mo. USD Term SOFR + 8.000%)(1),(9)		03/12/29		165,234		102,445
						108,647
REIT—0.8%
Iron Mountain, Inc. 2023 Term Loan B 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		01/31/31		537,123		538,197
OEG Borrower LLC 2024 Term Loan B 7.85% (3 mo. USD Term SOFR + 3.500%)(1)		06/30/31		1,030,750		1,033,327
SBA Senior Finance II LLC 2024 Term Loan B 6.07% (1 mo. USD Term SOFR + 1.750%)(1)		01/25/31		748,116		749,694
						2,321,218
Retail—2.9%
BJ’s Wholesale Club, Inc. 2023 Term Loan B 6.08% (1 mo. USD Term SOFR + 1.750%)(1)		02/03/29		1,000,000		1,008,855
Dave & Buster’s, Inc. 2024 1st Lien Term Loan B 7.59% (1 mo. USD Term SOFR + 3.250%)(1)		11/01/31		464,322		452,004
EG Group Ltd. 2024 Term Loan B 8.61% (3 mo. USD Term SOFR + 4.250%)(1)		02/07/28		193,153		195,884
Great Outdoors Group LLC 2025 Term Loan B 7.55% (3 mo. USD Term SOFR + 3.250%)(1)		01/16/32		624,528		629,471
K-Mac Holdings Corp. 2021 Term Loan 7.93% (1 mo. USD Term SOFR + 3.500%)(1)		07/21/28		203,490		205,335
K-Mac Holdings Corp. 2024 Add-on Term Loan 8.68% (1 mo. USD Term SOFR + 4.250%)(1)		07/21/28		496,250		500,178
KFC Holding Co. 2021 Term Loan B 6.16% (1 mo. USD Term SOFR + 1.750%)(1)		03/15/28		1,220,793		1,224,608
MIC Glen LLC 2025 Term Loan 0.00%(3)		07/21/28		432,693		436,616
Michaels Cos., Inc. 2021 Term Loan B 8.84% (3 mo. USD Term SOFR + 4.250%)(1)		04/17/28		147,564		120,265
Pacific Bells LLC 2024 Repriced Term Loan B 8.34% (3 mo. USD Term SOFR + 4.000%)(1)		11/13/28		981,895		984,084

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Retail (Continued)
Peer Holding III BV 2023 USD Term Loan B4 7.58% (3 mo. USD Term SOFR + 3.250%)(1)		10/28/30	$	1,464,834	$	1,474,597
Staples, Inc. 2024 Term Loan B 10.18% (3 mo. USD Term SOFR + 5.750%)(1)		09/04/29		448,875		433,304
Tacala LLC 2024 Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		01/31/31		992,513		1,006,467
						8,671,668
Software—7.9%
AQA Acquisition Holding, Inc. 2024 Term Loan 8.29% (3 mo. USD Term SOFR + 4.000%)(1)		03/03/28		250,000		252,250
Boxer Parent Co., Inc. 2024 2nd Lien Term Loan 10.04% (3 mo. USD Term SOFR + 5.750%)(1)		07/30/32		750,000		745,549
Boxer Parent Co., Inc. 2024 USD Term Loan B 7.29% (3 mo. USD Term SOFR + 3.000%)(1)		07/30/31		745,000		749,083
Cast & Crew Payroll LLC 2021 Incremental Term Loan 8.06% (1 mo. USD Term SOFR + 3.750%)(1)		12/29/28		1,156,754		1,097,470
Castle U.S. Holding Corp. USD Term Loan B 8.53% (3 mo. USD Term SOFR + 3.750%)(1)		01/29/27		960,417		592,457
Central Parent, Inc. 2024 Term Loan B 7.58% (3 mo. USD Term SOFR + 3.250%)(1)		07/06/29		113,208		108,375
Cloud Software Group, Inc. 2024 1st Lien Term Loan B 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		03/30/29		1,022,233		1,030,222
Cloud Software Group, Inc. 2024 USD Term Loan 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		03/21/31		518,755		522,991
DTI Holdco, Inc. 2022 Term Loan 9.06% (1 mo. USD Term SOFR + 4.750%)(1)		04/26/29		1,725,354		1,742,418
EagleView Technology Corp. 2018 Add On Term Loan B 8.09% (3 mo. USD Term SOFR + 3.500%)(1)		08/14/25		2,624,521		2,512,717
EP Purchaser LLC 2023 Term Loan B 9.09% (3 mo. USD Term SOFR + 4.500%)(1)		11/06/28		282,738		283,446
Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B 0.00%(3)		01/23/32		950,000		953,567
Open Text Corp. 2023 Term Loan B 6.06% (1 mo. USD Term SOFR + 1.750%)(1)		01/31/30		1,087,278		1,089,937
Pegasus Bidco Ltd. 2024 Term Loan 8.83% (3 mo. USD Term SOFR + 4.500%)(1)		08/16/31		650,000		655,687
Planview Parent, Inc. 2024 1st Lien Term Loan 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		12/17/27		746,878		753,178
Playtika Holding Corp. 2021 Term Loan B1 7.18% (1 mo. USD Term SOFR + 2.750%)(1)		03/13/28		937,554		942,448
PointClickCare Technologies, Inc. 2024 USD Term Loan B 7.58% (3 mo. USD Term SOFR + 3.250%)(1)		11/03/31		1,020,000		1,028,609
Press Ganey Holdings, Inc. 2024 1st Lien Term Loan B 7.56% (1 mo. USD Term SOFR + 3.250%)(1)		04/30/31		311,643		312,826
Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B 0.00%(3)		10/28/30		1,000,000		1,010,885
Pushpay USA, Inc. 2025 Term Loan 0.00%(3)		08/16/31		550,000		554,812
Quartz Acquireco LLC 2024 Term Loan B1 7.08% (3 mo. USD Term SOFR + 2.750%)(1)		06/28/30		1,452,944		1,462,933
RealPage, Inc. 2024 Incremental Term Loan 8.08% (3 mo. USD Term SOFR + 3.750%)(1)		04/24/28		1,003,402		1,011,198
Renaissance Holdings Corp. 2024 1st Lien Term Loan 8.31% (1 mo. USD Term SOFR + 4.000%)(1)		04/05/30		1,584,310		1,584,857
Sophia LP 2024 1st Lien Term Loan B 7.31% (1 mo. USD Term SOFR + 3.000%)(1)		10/09/29		480,387		483,839
SS&C Technologies, Inc. 2024 Term Loan B8 6.31% (1 mo. USD Term SOFR + 2.000%)(1)		05/09/31		630,618		633,109
Storable, Inc. Term Loan B 7.81% (1 mo. USD Term SOFR + 3.500%)(1)		04/17/28		960,552		968,659
Waystar Technologies, Inc. 2024 1st Lien Term Loan B 6.56% (1 mo. USD Term SOFR + 2.250%)(1)		10/22/29		268,653		270,332
						23,353,854
Telecommunications—1.7%
Altice Financing SA 2022 USD Term Loan 9.30% (3 mo. USD Term SOFR + 5.000%)(1)		10/31/27		919,442		809,491
Altice France SA 2023 USD Term Loan B14 9.80% (3 mo. USD Term SOFR + 5.500%)(1)		08/15/28		524,792		444,761

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
CCI Buyer, Inc. Term Loan 8.33% (3 mo. USD Term SOFR + 4.000%)(1)		12/17/27	$	1,329,475	$	1,336,953
Cyxtera DC Holdings, Inc. Term Loan B 0.00%(9)		01/16/26		292,034		1,606
Frontier Communications Corp. 2025 Term Loan B 6.80% (1 mo. USD Term SOFR + 2.500%)(1)		07/01/31		1,246,875		1,257,785
Lorca Holdco Ltd. 2024 USD Term Loan 7.83% (3 mo. USD Term SOFR + 3.500%)(1)		03/25/31		2,571		2,587
Zayo Group Holdings, Inc. USD Term Loan 7.43% (1 mo. USD Term SOFR + 3.000%)(1)		03/09/27		1,147,175		1,106,715
						4,959,898
Transportation—0.1%
Third Coast Infrastructure LLC Term Loan B 8.56% (1 mo. USD Term SOFR + 4.250%)(1)		09/25/30		250,000		251,329
Total Bank Loans (Cost: $269,638,906)						269,488,838
CORPORATE BONDS—3.5%
Aerospace/Defense—0.2%
Boeing Co. 6.30%		05/01/29		500,000		520,050
Commercial Services—0.2%
Block, Inc. 6.50%(2)		05/15/32		500,000		511,860
Electric—0.3%
Alpha Generation LLC 6.75%(2)		10/15/32		1,000,000		1,011,330
Entertainment—0.2%
WMG Acquisition Corp. 3.88%(2)		07/15/30		500,000		458,025
Environmental Control—0.2%
Waste Pro USA, Inc. 7.00%(2)		02/01/33		500,000		505,715
Health Care-Services—0.2%
UnitedHealth Group, Inc. 4.50%		04/15/33		500,000		475,725
Household Products/Wares—0.0%
Spectrum Brands, Inc. 3.88%(2)		03/15/31		141,000		121,621
Internet—0.2%
Uber Technologies, Inc. 4.80%		09/15/34		750,000		718,965
Media—0.3%
VZ Secured Financing BV (Netherlands) 5.00%(2)		01/15/32		1,000,000		894,230
Packaging & Containers—0.2%
Berry Global, Inc. 5.65%(2)		01/15/34		500,000		505,485
Pharmaceuticals—0.7%
Bayer U.S. Finance II LLC (Germany) 6.50%(2)		11/21/33		500,000		515,135
Bristol-Myers Squibb Co. 5.20%		02/22/34		500,000		500,375
Grifols SA (Spain)
3.88%(14)		10/15/28		1,000,000		933,775
4.75%(2)		10/15/28		50,000		46,301
						1,995,586
REIT—0.1%
Hudson Pacific Properties LP 3.95%		11/01/27		500,000		457,735
Retail—0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada) 3.50%(2)		02/15/29		500,000		463,050
Ferrellgas LP/Ferrellgas Finance Corp. 5.38%(2)		04/01/26		200,000		199,542
						662,592
Software—0.5%
Constellation Software, Inc. (Canada) 5.46%(2)		02/16/34		1,000,000		1,004,620
Open Text Corp. (Canada) 6.90%(2)		12/01/27		500,000		517,475
						1,522,095
Total Corporate Bonds (Cost: $10,383,154)						10,361,014
U.S. TREASURY SECURITIES—0.5%
U.S. Treasury Notes
4.25%		01/31/30		1,165,000		1,160,859
4.38%		12/31/29		255,000		255,498
Total U.S. Treasury Securities (Cost: $1,412,981)						1,416,357
Total Fixed Income Securities (Cost: $284,324,978)						284,197,749
			Shares
COMMON STOCK —0.1%
Real Estate—0.0%
Avison Young Canada, Inc.(9),(15)				370		139
Telecommunications—0.1%
Intelsat SA(9),(15)				9,683		315,806
Total Common Stock (Cost: $324,132)						315,945
			Principal Amount
PREFERRED STOCK—0.1%
Real Estate—0.1%
Avison Young Canada, Inc.(9),(15)				1,054,697		448,246
Total Preferred Stock (Cost: $697,797)						448,246
			Shares
WARRANTS—0.0%
Entertainment—0.0%
Cineworld Group PLC(9),(15)				229,579		—
Total Warrants (Cost: $—)						—

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

Issues	Shares		Value
MONEY MARKET INVESTMENTS—6.1%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.33%(16)		14,864,128	$	14,864,128
TCW Central Cash Fund, 4.36%(16),(17)		3,246,639		3,246,639
Total Money Market Investments (Cost: $18,110,767)				18,110,767
Total Investments (102.2%) (Cost: $303,457,674)				303,072,707
Net unrealized appreciation on unfunded commitments—0.0%				7,112
Liabilities In Excess Of Other Assets (-2.2%)				(6,636,862	)
Net Assets (100.0%)			$	296,442,957

TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS January 31, 2025 (Unaudited)

FUTURES CONTRACTS
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Short Futures
3	Euro-Bobl Future		03/6/25	$	(364,529	)	$	(365,466	)	$	(937	)

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL(18)
Bank Of America		EUR		906,000		04/11/25	$	928,423	$	944,850	$	(16,427	)

Notes to the Schedule of Investments:

ABS	Asset-Backed Securities.
CLO	Collateralized Loan Obligation.
REIT	Real Estate Investment Trust.
EUR	Euro Currency.
(1)	Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2025.
(2)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2025, the value of these securities amounted to $9,685,929 or 3.3% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Trustees.
(3)	This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(4)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $27,080, at an interest rate of 7.40% and a maturity of December 11, 2031. The investment is not accruing an unused commitment fee
(5)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $46,667, at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is not accruing an unused commitment fee.
(6)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $122,605, at an interest rate of 9.00% and a maturity of October 10, 2031. The investment is not accruing an unused commitment fee.
(7)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $261,111, at an interest rate of 10.06% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 1.00% per annum.
(8)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $43,333, at an interest rate of 7.56% and a maturity of November 19, 2031. The investment is accruing an unused commitment fee of 1.63% per annum.
(9)	For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(10)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $26,042, at an interest rate of 8.18% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.75% per annum.
(11)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $45,627, at an interest rate of 7.81% and a maturity of October 23, 2031. The investment is accruing an unused commitment fee of 3.75% per annum
(12)	Payment in kind.
(13)	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $263,973 at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.
(14)	Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2025, the value of these securities amounted to $933,775 or 0.3% of net assets.
(15)	Non-income producing security.
(16)	Rate disclosed is the 7-day net yield as of January 31, 2025.
(17)	Affiliated issuer.
(18)	Fund sells foreign currency, buys U.S. Dollar.

TCW Senior Loan ETF
Schedule of Investments (Continued)

The summary of the TCW Senior Loan ETF transactions in the affiliated funds for the period ended January 31, 2025 is as follows:

Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held January 31, 2025		Value at January 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	53,146,639	$	49,900,000		3,246,639	$	3,246,639	$	171,470	$	—	$	—	$	—
Total									$	3,246,639	$	171,470	$	—	$	—	$	—

TCW Senior Loan ETF
Investments by Sector (Unaudited)	January 31, 2025

Sector	Percentage of Net Assets
Bank Loans		90.9	%
Money Market Investments		6.1
Corporate Bonds		3.5
Asset-Backed Securities		1.0
U.S. Treasury Securities		0.5
Preferred Stock		0.1
Common Stock		0.1
Warrants		0.0
Other*		(2.2	)
Total		100.0	%

* Includes pending trades, interest receivable, fund share transactions and accrued expenses payable.

TCW Senior Loan ETF
Fair Valuation Summary (Unaudited)	January 31, 2025

The following is a summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Fund’s investments:

Futures Contracts

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans*	$	—		$	267,584,876		$	1,903,962	$	269,488,838
Corporate Bonds*		—			10,361,014			—		10,361,014
Asset-Backed Securities		—			2,931,540			—		2,931,540
U.S. Treasury Securities		1,416,357			—			—		1,416,357
Unfunded Commitments Appreciation		—			7,112			—		7,112
Total Fixed Income Securities		1,416,357			280,884,542			1,903,962		284,204,861
Preferred Stock*		—			—			448,246		448,246
Common Stock*		—			—			315,945		315,945
Warrants*		—			—			—		—
Money Market Investments		18,110,767			—			—		18,110,767
Total Investments	$	19,527,124		$	280,884,542		$	2,668,153	$	303,079,819
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	—		$	(16,427	)	$	—	$	(16,427	)
Futures Contracts
Interest Rate Risk		(937	)		—			—		(937	)
Total	$	(937	)	$	(16,427	)	$	—	$	(17,364	)

* See Schedule of Investments for corresponding industries.

Note 1 – Security Valuations

Securities listed or traded on the NYSE and other stock exchanges were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Pursuant to Rule 2a-5 under the 1940 Act, the Trust’s Board of Trustees (the “Board”, and each member thereof, a “Trustee”) has designated the Adviser as the “valuation designee” with respect to the fair valuation of the Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Adviser that prices received were not reflective of their market values.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical investments.

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Foreign currency contracts. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Government and agency securities. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Money market funds. Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

Options and Swaptions contracts. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

Short-term investments. Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

Warrants. Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

The summary of the fair valuations according to the inputs used as of January 31, 2025 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

TCW Corporate Bond ETF	Asset-Backed Securities			Commercial Mortgage- Backed Securities— Non-Agency			Total
Balance as of October 31, 2024	$	32,373		$	1		$	32,374
Accrued Discounts (Premiums)		—			594			594
Realized Gain (Loss)		—			(3,407	)		(3,407	)
Change in Unrealized Appreciation (Depreciation)		125			2,990			3,115
Purchases		—			—			—
Sales		(688	)		(178	)		(866	)
Transfers in to Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of January 31, 2025	$	31,810		$	—	*	$	31,810
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2025	$	125		$	—		$	125

* Amount is less than $1

TCW FLEXIBLE INCOME ETF	Asset-Backed Securities			Bank Loans			Commercial Mortgage- Backed Securities — Non-Agency			Common Stock		Convertible Corporate Bonds			Corporate Bonds			Residential Mortgage- Backed Securities — Non-Agency			Total
Balance as of October 31 2024	$	395,664		$	127,519		$	686,890		$	336,156	$	2,504			39,562			3,493,797		$	5,082,092
Accrued Discounts (Premiums)		—			—			(19,252	)		—		200			2,480			(181,394	)		(197,966	)
Realized Gain (Loss)		—			—			—			—		(2,215	)		(27,834	)		(226,455	)		(256,504	)
Change in Unrealized Appreciation (Depreciation)		1,527			(444	)		28,907			25,137		1,213			8,485			212,094			276,919
Purchases		3,110,000			89,342			—			—		—			—			—			3,199,342
Sales		(8,405	)		—			—			—		—			(19,798	)		(6,469	)		(34,672	)
Transfers in to Level 3		—			—			—			—		—			—			—			—
Transfers out of Level 3		—			(127,519	)(1)		—			—		(1,702	)		—			—			(129,221	)
Balance as of January 31 2025	$	3,498,786		$	88,898		$	696,545		$	361,293	$	—		$	2,895		$	3,291,573		$	7,939,990
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2025	$	1,527		$	(444	)	$	28,907		$	25.137	$	1,213		$	121		$	212,094		$	268,555

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

TCW Senior Loan ETF	Bank Loans			Common Stock		Preferred Stock		Total
Balance as of October 31, 2024	$	2,220,511		$	293,493	$	369,144	$	2,883,148
Accrued Discounts (Premiums)		48,787			—		—		48,787
Realized Gain (Loss)		30,577			—		—		30,577
Change in Unrealized Appreciation (Depreciation)		(265,332	)		22,452		79,102		(163,778	)
Purchases		172,010			—		—		172,010
Sales		(63,492	)		—		—		(63,492	)
Transfers in to Level 3					—		—		—
Transfers out of Level 3		(239,099	) (1)		—		—		(239,099	)
Balance as of December 31, 2024	$	1,903,962		$	315,945	$	448,246	$	2,668,153
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2025	$	(265,332	)	$	22,452	$	79,102	$	(163,778	)

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

Significant unobservable valuation inputs for Level 3 investments as of January 31, 2025 are as follows:

Description	Fair Value at January 31, 2025			Valuation Techniques		Unobservable Input		Price or Price Range		Average Weighted Price		Impact to Valuation If Input Increases
TCW Corporate Bond ETF
Asset-Backed Securities	$	31,810			Broker Quote		Offered Quote	$	91.309	$	91.309		Increase
Commercial Mortgage-Backed Securities — Non-Agency	$	0	*		Third-Party Vendor		Vendor Prices	$	0.001	$	0.001		Increase
TCW High Yield Bond ETF
Warrants	$	0			Broker Quote		Offered Quote	$	0.000	$	0.000		Increase
TCW Flexible Income ETF
Asset-Backed Securities	$	3,498,786			Broker Quote		Offered Quote	$	91.309 - $100.000	$	98.953		Increase
Bank Loans	$	88,898			Broker Quote		Offered Quote	$	100.000	$	100.000		Increase
Commercial Mortgage-Backed Securities — Non-Agency	$	696,522			Broker Quote		Offered Quote	$	99.580 - $102.050	$	101.359		Increase
Commercial Mortgage-Backed Securities — Non-Agency	$	23			Third-party Vendor		Vendor Prices	$	0.001	$	0.001		Increase
Common Stock	$	361,293			Third-party Vendor		Vendor Prices	$	0.204 - $32.615	$	8.645		Increase
Corporate Bonds	$	2,895			Third-party Vendor		Vendor Prices	$	1.214 - $3.436	$	2.257		Increase
Residential Mortgage-Backed Securities — Non-Agency	$	3,291,573			Broker Quote		Offered Quote	$	0.001 - $10.478	$	4.335		Increase
Warrants	$	0			Broker Quote		Offered Quote	$	0.000	$	0.000		Increase
TCW Senior Loan ETF
Bank Loans	$	1,760,877			Broker Quote		Offered Quote	$	0.550 - $99.136	$	85.205		Increase
Bank Loans	$	143,085			Third-party Vendor		Vendor Prices	$	6.000 - $62.000	$	16.982		Increase
Common Stock	$	315,945			Third-party Vendor		Vendor Prices	$	0.375 - $32.615	$	31.428		Increase
Preferred Stock	$	448,246			Third-party Vendor		Vendor Prices	$	0.425	$	0.425		Increase
Warrants	$	0			Broker Quote		Offered Quote	$	0.000	$	0.000		Increase

* Amount is less than $1.

Note 2 – Portfolio Investments

Mortgage-Backed and Other Asset-Backed Securities: The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or “IO” class), while the other class will receive all of the principal (the principal only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Mortgage-backed and other asset-backed securities held by the Funds at January 31, 2025 are listed in the Funds’ Schedule of Investments.

Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended January 31, 2025.

Repurchase Agreements: The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of January 31, 2025.

Reverse Repurchase Agreements: The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended January 31, 2025.

Securities Lending: The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earns additional income for lending its securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended January 31, 2025.

Derivatives:

Forward Currency Exchange Contracts: The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at January 31, 2025 are disclosed in the Schedule of Investments.

Futures Contracts: The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the period ended January 31, 2025, the Funds utilized futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at January 31, 2025 are listed in the Funds’ Schedule of Investments.

Options: The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or to take advantage of currency fluctuations.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

Swap Agreements: The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See “Swap Agreements” below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended January 31, 2025, none of the Funds held written swaptions.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended January 31, 2025, the TCW Corporate Bond ETF entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk).

Note 3 – Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at January 31, 2025.

Note 4 – Commitments and Contingencies

The following Funds had unfunded commitments and unrealized gain (loss) by investment as of January 31, 2025:

TCW Flexible Income ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Kelso Industries LLC Term Loan		12/30/29	$	33,333	$	(208	)
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan		03/31/28		46,493		611
American Rock Salt Co. LLC 2024 First Out Term Loan		06/09/28		88,708		1,774
				168,534		2,177
TCW High Yield Bond ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Kelso Industries LLC Term Loan		12/30/29	$	13,889	$	(87	)
Ryan LLC Term Loan		11/14/30		9,524		42
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan		03/31/28		8,185		107
				31,598		62
TCW Multisector Credit Income ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corp. LLC 2024 Term Loan		11/21/31	$	19,231	$	90
Archkey Solutions LLC 2024 Term Loan B		10/10/31		25,862		162
				45,093		252
TCW Senior Loan ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corp. LLC 2024 Term Loan		11/21/31	$	27,080	$	195
American Rock Salt Co. LLC 2024 First Out Term Loan		06/09/28		263,973		5,277
Amspec Parent LLC 2024 Term Loan		12/22/31		46,667		329
Archkey Solutions LLC 2024 Term Loan B		10/10/31		122,605		1,379
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan		03/31/28		26,042		405
Hanger, Inc. 2024 Term Loan B		10/23/31		45,627		741
Kelso Industries LLC Term Loan		12/30/29		261,111		(1,632	)
Raven Acquisition Holdings LLC Term Loan B		11/19/31		43,333		418
				836,438		7,112